Bank account spare change??

laurenjs88

Not sure if this is an up your income thread but i guess so.

I have an e-ISA connected to my bank account, which is completly empty lol!

After checking my bank for the what 5th time today, ive decided to put the "spare change" into my ISA, to round up or down to the nearest £ As the interest is calculated daily, but added monthly i assume as soon as any money hit the ISA it is added interest too?

So my ISA now has 5p in it! but its gaining interest in some fashion, and every little helps and all that! :rotfl:

I think Lloyds TSB used to do an account that took the spare change from the £ and automatically transferred it into asavings account for you.

This would probably only generate an extra pound or so over the year but its a £1 more than i had at the beginning!!

The_Edible_Dormouse

I do this with my e-savings account every day - it's amazing how much you build up over the course of a year! Well worth doing

LynneL_3

The only thing you have to watch is the limit on the ISA if you take any money out again.

The ISA rules provide for the maximum of £3,600 to be put in over the tax year however this is not necessarily the maximum balance allowed at the year end. For example if you put in £3,600 and take out £3,300 you will only be allowed to have a bqalance of £300 at the year end.

I guess that's OK if it's just small amounts of spare cash as you wouldn't be affected over a typical tax year.

When the new tax year starts in April the ISA is anew one and the count starts again.

dominos

Check out the "a payment a day" thread up on debt free wannabe.
Proof that the spare change thing works

laurenjs88

Ok will have a look at that one then!