Can someone calculate a isa for me?

Empty_pockets

Hi,

Can someone calculate how much an isa would be worth for me please.

Please start with an initial investment of 10K. I know the limits don't allow for this.

10K to start it

Then regular payments of £150 every month for 10 years.
thats 12 payments on the 1st of each month.

I see that as a total of 28K paid in.

what will be the balance after 10 years?

Thanks

Rick.

KingL

You are talking about a cash ISA, yes?

What is the interest rate? And will it stay the same?

Empty_pockets

Hi,

Not dabbled in savings before but to keep it simple, yes, fixed rate cash isa....or equivilantly profitabe savings account/bond.

Thanks

ColinJS

You can't put 10k into a cash ISA unless you spread over 2 tax years. This is an impossible ask anyway, unless assumptions are made (which are always wrong).

Empty_pockets

I know that, I said it in the first post. For the sake of this, lets imagine I but in 10K over two years and that particular isa didn't pay interst for those full two years. I then starts to pay interest on the full 10K and the additional payments.

Surely it can't be that difficult.

bendix

Empty_pockets wrote: »

I know that, I said it in the first post. For the sake of this, lets imagine I but in 10K over two years and that particular isa didn't pay interst for those full two years. I then starts to pay interest on the full 10K and the additional payments.

Surely it can't be that difficult.

What on earth are you talking about?

If it's not that difficult, why don't you do it?

As other's have said, it's impossible. Nobody knows what the interest rates will be in the eight intervening years.

It's not that people don't want to help, but you're asking for an answer to a question that is entirely invalid.

Empty_pockets

I don't know the maths to do it. I sure there are plenty of folk on here that do. It's a forum, i'm asking a question.

Rate of 3% is highest at the moment. Can't see why you can't 'assume' on that. Not asking for a guaranteed payment, just want a ball park figure.

Some people on here see their !!!! over the smallest things.

If there is any other information you need, jsut ask.

Thanks.

blinko

ok i will help but to be honest with a 10 year horizon you dont want your money in cash

10,000 at 3% in 10 years will be 13439

the rest isnt going to be worth your time as inflation is 3% and for something like this im sorry but i just dont think your going to get the answer your looking for you need to pop this into excel and DIY im afraid

Empty_pockets

Top man.

Thanks for you help.

bendix

Empty_pockets wrote: »

I don't know the maths to do it. I sure there are plenty of folk on here that do. It's a forum, i'm asking a question.

Rate of 3% is highest at the moment. Can't see why you can't 'assume' on that. Not asking for a guaranteed payment, just want a ball park figure.

Some people on here see their !!!! over the smallest things.

If there is any other information you need, jsut ask.

Thanks.

Who said that the British education system is failing?

Empty_pockets

Thanks for your input Bendix.

I'm sure all who read will will have benefited from your wise advice.