Barclays isa 6.08 gross, Icesave 6.10 gross

keebo_2

Hi this is my first post
I need to open another ISA and have found this below
Barclays isa 6.25 AER / 6.08 gross
Icesave isa 6.10 AER / 6.10 gross
Is the Icesave isa going to pay me 0.02% more interest than the Barcleys isa

Thanks in advance

oldfella

if they both pay interest with the same frequency, then yes. I suspect Barclays pays monthly, which is why the AER is higher.

talana

Is the Icesave isa going to pay me 0.02% more interest than the Barcleys isa

No. For direct comparisons, look at the AER not the gross.
Icesave is 6.1% gross paid annually or 5.94% gross paid monthly.
And as Oldfella says, without looking at it I assume the barclays one quoted here is monthly too.

a7man

Barclays is yearly interest

Lokolo

a7man wrote: »

Barclays is yearly interest

No it isn't. Its monthly... Hence why the gross rate is lower than the AER....

a7man

If it is the Barclays tax haven ISA then it is yearly as I have one.

YorkshireBoy

a7man wrote: »

If it is the Barclays tax haven ISA then it is yearly as I have one.

Tax-free* interest on your savings, paid monthly.

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=14424&target=_self&site=pfs

And from the T&C's...

Interest is calculated on the daily statement balance, and credited to the account on the first working day of each month and, where applicable, the day on which the account is transferred or closed. This condition replaces condition 3.2 of the General Terms and Conditions.

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=14463&target=_blank&site=pfs

"Condition 3.2" relates to their standard annual interest paying ISA (from 4.01% AER). Are you sure you don't have that one?

Lokolo

a7man wrote: »

If it is the Barclays tax haven ISA then it is yearly as I have one.

As Yorkshire said ^^

a7man

Well, turns out the cashier didnt have a clue what she was on about (as usual), I havent had a statement so just went on what she said! Thanks for confirmation.

YorkshireBoy

a7man wrote: »

Well, turns out the cashier didnt have a clue what she was on about (as usual), I havent had a statement so just went on what she said!

You signed up to a financial product without reading the T&C's? :eek:

a7man

Read the main points, the way the interest was calculated didnt bother me as I dont touch it.