Think I just screwed up... NS&I Direct ISA... standing order?

apoorstudent

Okay, I think I just misunderstood the NS&I Direct ISA.

I read in one of the articles that NS&I had the best ISA rate at the moment (correct?). I decided to take out a student loan to make some interest, so I opened their direct ISA and deposited £1690.60 (precise as it's my student loan). This is all I have to put in it until May 06 (after the new tax year, right?).

I then read something about a standing order of £100... Or was it £250, which is required? Is there any way I can take out £250 once my account is activated? Or by doing that will I lose the interest for the year?

Ugh. Also, is there a decent article out there to teach me about interest? How it works and such, because it actually hurts my brain when it comes to stuff like this... My parents have dealt with all this stuff, but now I have to do all the form filling and calculating and blaaah - not fun. Plus I have so many different accounts that I get so bloody confused...

Sorry for the stupidity (I realise this is probably really obvious to most of you), and the sheer number of posts from me as of late!

kingmonkey

You can only deposit £3000 into an ISA for any single tax year.
ie if you deposit £3000 and then withdraw £500 you will not be able to put £500 back.

Here is a good place to start with savings:
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1103213261,45760,
and here is a interest rates guide:
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1156249740,89525,

I dont think you have screwed up, because you do not need to regularly deposit into the NS&I ISA. That is the minimum deposit amount that you read.

Mr_Mumble

As kingmonkey says, you've got nothing to worry about!

The NS&I Direct ISA does not require a standing order instruction or any other payment into the account once you open it with at least £1,000.

The standing order form that is sent on opening is just an option (its a minimum of £100 deposit while a debit card transaction is a minimum of £250).

Articles about interest, pass!

apoorstudent

Yeah, I didn't think I'd have to deposit anything further, but then I saw this, here: http://nsandi.com/products/disa/index.jsp

Minimum further deposit £250 (£100 by standing order)

^^?

I thought that I HAD to deposit the £1000 in order to open it anyway?!
So the £250 further deposit is ONLY if your first deposit wasn't £1000? *deep breaths*

Oh dear. How on earth am I going to cope once I have an income. And, thanks for the links!