When to send money to ISA?

gelato_cat

Hi all

Just rearranging a few things and thinking about how I'm going to take advantage of next year's mini cash ISA allowance.

My question is, at what stage do you lot hit the "transfer" button (assuming you use online banking) in order to get the money from wherever you have it into the ISA as close as possible to the first day of the tax year, so as to make sure interest is tax-free for as long as possible?

I've never really thought about this before and usually sent the funds on 6th April (which is Good Friday this year, complicating things a bit). Obv can't send them too early, but was just curious as to what people do as I know there are some posters who are very careful when transferring money so as not to lose too much interest.

Suze

gelato_cat

Glad I'm not the only one.

There are people on here who have formulae they've worked out telling them how much interest they lose by transferring over weekends and stuff (something I used to do without thinking as I do all my admin at the weekend) - so it would be interesting to hear what they do!

Suze

Al_Mac wrote:

Being a coward and not wanting to mess up, I've always sent mine on the first day, of the new tax year. Was about 5 past midnight last year

There was no "take it at the correct time, so as not to bu$$er it up", button

gelato_cat

Well, I couldn't believe how blonde I'd been transferring money after a Wednesday all these years :eek:

I'm learning!

Suze

Al_Mac wrote:

I can admit to working out break even points

dipsomaniac

if you are a basic rate taxpayer you will be losing 8p for every day you are late transferring the money assuming that the account you are transferring from is paying the same gross interest rate.

why not just set up a direct debit/standing order with your isa provider to transfer the money on 6 april.