1 year fixed ISA - moving 'part year'

david78

veryintrigued wrote: »

Looking at the Santandar 3.2% easy access ISA thread two people have stated that if one is opened now (and not funded until April 6th) then 1 months interest will be lost.

Is this true?

I think they mean that they would not have the money in the account until April 6 so would lose out on a months interest on the money they have ready by waiting (not much they can do about that other than keep it in a taxed savings account until then).

There is no interest penalty. Put your money in on the 6th and get 3.2% from then.

veryintrigued

david78 wrote: »

I think they mean that they would not have the money in the account until April 6 so would lose out on a months interest on the money they have ready by waiting (not much they can do about that other than keep it in a taxed savings account until then).

There is no interest penalty. Put your money in on the 6th and get 3.2% from then.

Thanks David for the clarity.

david78

You're welcome. Don't forget that the allowance is £5340 for 2011/2012 and it will change again from April 6 2012. I think announcements of the allowance amounts are made in the Autumn.

veryintrigued

david78 wrote: »

You're welcome. Don't forget that the allowance is £5340 for 2011/2012 and it will change again from April 6 2012. I think announcements of the allowance amounts are made in the Autumn.

Yep understand all that now (but only after replies from this thread).

Now going to dig out my NI number so I can open up a Santander ISA ready to feed in the full £5340 allowance on April 6th.

Replies on this thread have enabled me to understand:

The true 2011/12 allowance and
That I need not keep all my seperate years ISAs with just one 'supplier'

It may only be £30 difference between a 2.8% and 3.2% ISA rate but it all helps!

Cheers again all