ISA: £3k now, £3k in April, will I be earning interest on £6k?

xClarencex

Hello peoples, how is everyone today?

I would like to know whether putting £3,000 pounds into an ISA now, and another £3,000 in April (beginning of tax year) will then have me earning tax free interest on £6,000 pounds total?

I'm not one hundred percent sure if it will. And if it wont, then I'll put the other £3k elsewhere.

Thanks!

dunstonh

You will earn on the 3k now but will not accrue tax free interest on the other 3k until the new tax year.

Its a bit early to be submitting double tax year applications. Most providers will not accept them until late Feb/Early March.

xClarencex

Hi, thanks for you reply!

So I will be earning interest on £6k after April 6th 2006, yes?

dunstonh

Yes. You will accrue interest on whatever the balance in the ISA actually is at that time. Because the second contribution cannot go in until the 6th, it will not accrue before then.