Fixed rate Isa

amistupid

I am sorry if this appears to be a stupid question but when you get a years fixed rate Isa does that year start on the day it is opened and finish one year later, or does it finish at the end of the tax year?

Speculator

It depends on the terms & conditions of the product but most mature on the anniversary or on the date specified.

Speculator

see http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx
See fifth column along. 1 year means 1st anniversary of a/c opening.

amistupid

Thanks. Does this mean I can put another Isa allowance away next April and could I put it in the same Isa account and get the same good interest rate until the date of it's anniversary?

Speculator

no, but you are free to open another ISA start of next tax year. It's really a fixed rate savings account with a tax free wrapper.