I havn't paid anything into my cash ISA with First Direct this year, so I believe I am eligable to transfer it to a different provider and get a better rate.

If I select one without any transfer in/tranfer out clauses or penalties, what it to stop me transferring out to someone with a better rate (or indeed ANY rate), and then transferring back into First Direct to get their new buisness better ISA rate?

Anyone done this? Does it work, is there a limit on the number of transfers I can do a year? I don't plan to be ADDING any money to the ISA, but I do want my money to work better for me. My 10k ISA is getting pence a month in interest, and this could be hundreds of pounds a year on better deals.