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Can I earn a year's interest if I open a Cash Isa now? Novice!
shauna_2
Posts: 1 Newbie
I want to start a cash isa but am unsure whether to wait until April 6th.If I open one now with the maximum £3k, will I only earn interest for the time it is in the ISA for? Is it worth it? Thanks
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shauna wrote:If I open one now with the maximum £3k, will I only earn interest for the time it is in the ISA for?
Yes, interest is calculated on a daily basis.Is it worth it?
If you put in £3k on or before 5 April ie this financial year, you also leave yourself with the option of putting in up to a further £3k from 6 April (next financial year).
If you don't put it in this F/Y, your allowance (in respect of this year) is lost forever.
If you're going to open a Cash ISA anyway, can't think why you would wish to delay it till 6 April.0
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