A&L Direct Cash ISA Issue 4 interest date question

tfboy

I've been lax this year and not yet sorted out adding the £3600 into a ISA account. I'm now going over the paperwork and have noticed that on my A&L ISA it says the following:

Interest is credited annually on 1st January for the Direct ISA and Easy ISA. For all other ISAs interest is credited annually on 1st April.

Does that mean that if I transfer the money out, I will not get the interest calculated between 1st Jan and today (or whenever the transfer happens)? If so, it's a bit sneaky because it means you only really at best[/t] get 9 months' worth of interest (assuming you put it in April), regardless of how long the money stays in.

Also checked the rate and it's dropped to a pathetic 1.1% so I might as well move it regardless

Thanks!

Baldur

tfboy wrote: »

Does that mean that if I transfer the money out, I will not get the interest calculated between 1st Jan and today (or whenever the transfer happens)?

No, it doesn't mean that - the account would be closed and the full balance of the account, including interest up to the date of transfer, would be transferred to your chosen new provider.

Sparky47

Are you sure you are getting 1.1% ?
I had an issue 4 ISA and it included a 1% bonus until 31st May so the underlying rate is 0.1% :eek:

tfboy

Thanks Baldur. I'll do some reading on where I can transfer it too to get a bit more

Sparky, I guess that's what I'm getting. I went onto the website where you put in the first three numbers of your account and it gives the details. IIRC, it was 1.1% for up to £9,999 and then 1.5% or so for over £10k