Now switch your Isa in seven days: (At least that's how long banks say it'll take!) 

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Banks and building societies are speeding up how fast you can move a cash Isa to a new provider.

Since the start of the year, industry rules have asked every firm to complete eight in ten cash Isa transfers within seven days.

And early signs suggest the main providers are upping their game.

Figures for December showed just 66 per cent of transfers went through inside seven days. 

Changes: Since the start of the year, industry rules have asked every firm to complete eight in ten cash Isa transfers within seven days

That was despite three in four being switched electronically, rather than sending paper forms and cheques by post.

Coventry Building Society is processing an impressive 98 per cent of transfers within that time and Skipton BS is managing 93 per cent.

Yorkshire BS managed just 51 per cent in January — but so far in February the figure is a far higher 82 per cent. Among the banks, TSB scored an impressive 93 per cent.

But it remains to be seen whether other large savings providers are doing as well.

Not all the big banks are willing to reveal if they are meeting the new 80 per cent target.

HSBC, NatWest, Halifax and Lloyds told Money Mail to wait until the data was published on trade body websites in April. 

Barclays said their January figures are not available yet. Santander, Co-op Bank and the Nationwide Building Society also failed to reveal their January performance.

The voluntary seven working days Isa transfer agreement was struck at the end of last year between City regulator, the Financial Conduct Authority (FCA), and industry trade bodies the British Bankers' Association (BBA), the Building Societies Association (BSA), and the Tax-Incentivised Savings Association (Tisa).

It previously took 15 days to complete and brings switches under the same time frame as more complicated current accounts.

The new, faster service applies to switching between providers rather than changing deals with your current provider.

Research by the FCA has found switching levels are low because consumers are put off by the idea of all the hassle.

The speedier service will help savers who've seen rates cut dramatically in the past year.

The average rate on cash Isas has tumbled to 0.9 per cent, down from 1.4 per cent cent a year ago — yet money in the accounts is at a record high of £261 billion. 

The Bank of England base rate has fallen by just 0.25 points in the same period.

Among the worst payers are the big banks. NatWest pays 0.01 per cent on its Cash Isa — or just £1 interest a year on £10,000.

You can earn a far better 1.05 per cent if you switch to the top deal, including the new Limited Edition Easy Access Cash Isa from Paragon Bank or 1.01 per cent with Virgin Money Defined Access Isa Issue 11. 

These will pay you £105 or £101 interest on £10,000.

Peter Tyler, senior policy director at the BBA, says: 'Banks are committed to supporting faster cash Isa transfers. We encourage customers to shop around for the best deal.'

Brian Morris, head of savings policy at the BSA, says: 'We are looking at ways of getting cash Isa switches faster. We need to look deeply into the process to see what the blockers are.'

sy.morris@dailymail.co.uk