ISA Account

Naturlee

Basically if you have an ISA account there is money already in it, the end of the financial year is coming in a few days, so if i was to put more money in today, would i still be eligible for the interest now? Or does it have to be in the isa for a year?

glider3560

Interest will be calculated daily. So if you leave the money in there for two days, you will get two days interest.

You honestly didn't expect to receive 365 days interest for leaving money in an account for two days!!??!

jimjames

You get interest on the money for the length of time it is in the account so if you put it in now you will get interest paid from that point onwards. If its in for 10 days you get 10 days interest, if its 365 days you get 365 days interest.

Naturlee

glider3560 wrote: »

Interest will be calculated daily. So if you leave the money in there for two days, you will get two days interest.

You honestly didn't expect to receive 365 days interest for leaving money in an account for two days!!??!

Ohh right, i though it worked differently.

jimjames wrote: »

You get interest on the money for the length of time it is in the account so if you put it in now you will get interest paid from that point onwards. If its in for 10 days you get 10 days interest, if its 365 days you get 365 days interest.

Thanks

G_M

Naturlee wrote: »

Ohh right, i though it worked differently.



Thanks

Purely out of interest, how did you think it worked?

Naturlee

That if you put the money in say now, a few days before the tax year, they would count it as if its been in there for the whole tax year.

le_loup

Wow!
Just think about that statement for 30 second?
OK. Done that?
Does it still make sense?

Naturlee

le_loup wrote: »

Wow!
Just think about that statement for 30 second?
OK. Done that?
Does it still make sense?

I did, and thats why i posted here to clear it up. Is that such a crime? Its better to ask and to learn things than to be wrong and think that way for ages.

switch76

Just for the record, you can buy shares 1 day before the ex-dividend date and still get the whole annual dividend. Of course since shares prices fluctuate, there are other considerations to take into account.

KonkyWonky

switch76 wrote: »

Just for the record, you can buy shares 1 day before the ex-dividend date and still get the whole annual dividend. Of course since shares prices fluctuate, there are other considerations to take into account.

You also pay a broker fee when purchasing/selling shares which makes it uneconomical in general to buy/sell the same share on a daily basis.

Apples and oranges.

switch76

KonkyWonky wrote: »

You also pay a broker fee when purchasing/selling shares which makes it uneconomical in general to buy/sell the same share on a daily basis.

Apples and oranges.

I wasn't advocating doing it. Just pointing out that it is possible to get 1 year's worth of something for only a day or so.