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Opening a new ISA before April
HenSan
Posts: 2 Newbie
Is it possible to open a new ISA before April with the max limit allowed investment for that year? Would this mean I would get the interest on it in April of this yr? Sorry, I'm not very clued up on this....
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Comments
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Yes, you can open an ISA now and use your 2010/2011 allowance.
When you get interest depends on the indidvidual account, but some will certainly pay at the end of the tax year.
Note you won't get a years interest (if that's what you were hoping for).
If you only have it in for 10 days then you'll get 10 days interest calculated as 10/365ths.
The advantage is to make use of your 2010/2011 allowance which remains for life before it dissapears forever.0 -
Great Thanks, this exlplains it for me.
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