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aidso
Posts: 142 Forumite
Would i be right in saying that if i opened an ISA account tomorrow and i could deposit £3600 right away and come the start of the tax year in 7 days i would get the full interest of 3% for this year or whatever i choose to go with?
I mean is there a cool off period were you have to havve the account opened for a few weeks?
I mean is there a cool off period were you have to havve the account opened for a few weeks?
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Depends on the ISA on when interest is paid but no you won't get the full 3% for having money in there for 7 days.
If interest is paid on 6th April you will get 3%/52 (as this makes one weeks worth of interest).0 -
No you wouldn't get 3% of £3,600, you would only get that if it had been in there for a year (and interest rates had remained the same).
You would get 3% of £3,600 / 365 x number of days £3,600 was in your account."Every Pounds A Prisoner "
"Loyalty to the Best Interest Rate"
:beer:0 -
pfft there was me thinking i was going to make a quick buck0
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No we'd all be doing it if it was that easy"Every Pounds A Prisoner "
"Loyalty to the Best Interest Rate"
:beer:0 -
Would i be right in saying that if i opened an ISA account tomorrow and i could deposit £3600 right away and come the start of the tax year in 7 days i would get the full interest of 3% for this year or whatever i choose to go with?
I mean is there a cool off period were you have to havve the account opened for a few weeks?
As Lokolo says, you earn very roughly one 365th of the interest rate per day - the AER rate assumes that the funds are in the account for a full year.0
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