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ISA Interest
Cane_Family
Posts: 2 Newbie
Hi there.
Can anyone tell me if you get interest on your interest in an ISA account, so if you start with £3600 month one you get £5 interest, in month 2 is it calculated on £3605??
Regards
Steve
Can anyone tell me if you get interest on your interest in an ISA account, so if you start with £3600 month one you get £5 interest, in month 2 is it calculated on £3605??
Regards
Steve
0
Comments
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Cane_Family wrote: »Hi there.
Can anyone tell me if you get interest on your interest in an ISA account, so if you start with £3600 month one you get £5 interest, in month 2 is it calculated on £3605??
Regards
Steve
Depends if it is payed (interest) monthly, six monthly or yearly.I used to have a signature but it disappeared and I just couldn't be bothered writing another, so please feel free to ignore this.0 -
Cane_Family wrote: »Hi there.
Can anyone tell me if you get interest on your interest in an ISA account, so if you start with £3600 month one you get £5 interest, in month 2 is it calculated on £3605??
Regards
Steve
As Brian says, it depends. If interest is paid monthly then yes, if annually, then no. But usually if a bank offers monthly and annually, the bank will lower the monthly rate to make both interest from montly and annually be the same over the whole year (AER).0
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