New to ISA

akashi

Hi, I apologies in advance if this question has already been covered. I have tried to understand how ISA accounts work, but my brain is not registering the information!

I have an appointment on 04/04/2011 with Santander to open a Flexible ISA @ 3.30 AER for 2010/2011

I am going to deposit £5100 into this ISA account. After 12 months, will I receive £168.30 in interest?

Can I also open another ISA account with Santander for 2011/2012 @ 3.50 AER and deposit £5340 and collect £186.90 after 12 months?

Sorry about all this questions, but I really need help understanding how all this allowance works.

Many thanks.

dzug1

Yes you can - though the second account can't be opened until 6 April.

Whether your interest figures are precisely accurate I've no idea

scottishblondie

The ISA that you open on the 4th should still allow you to deposit the 2011-12 allowance after the 5th, no need to open another one.

akashi

Thanks all the help. I opened an ISA account with Santander today. I was told I could also add the new allowance on 6th April.

McKneff

And the best of luck with Santander, you'll need it