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ISA Interest
michael19_2
Posts: 155 Forumite
Hi,
Sorry this is a newbie question but I have searched to find out the answer but to no avail.
My Mum had £3000 in her ISA in last years ISA and has put another £3000 in throughout this year.
My question is on April 5th when the interest is calculated is it calculated on just the money she put in this current year or is it calculated on all previous years aswell.
The reason I ask as I have seen posts about people opening a new ISA every year where as my Mum has just kept the same one going since 2003.
Thanks In Advance
Michael
Sorry this is a newbie question but I have searched to find out the answer but to no avail.
My Mum had £3000 in her ISA in last years ISA and has put another £3000 in throughout this year.
My question is on April 5th when the interest is calculated is it calculated on just the money she put in this current year or is it calculated on all previous years aswell.
The reason I ask as I have seen posts about people opening a new ISA every year where as my Mum has just kept the same one going since 2003.
Thanks In Advance
Michael
Aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht the frist and lsat ltteer be at the rghit pclae. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe.
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Comments
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Hi Michael19
Just like any other savings account realy -- all your money earns interest all the time (tax-free!).0 -
cool thanks for thatAoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht the frist and lsat ltteer be at the rghit pclae. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe.0
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Yes, and she will also earn interest on last years INTEREST
Its called compounding :beer:0
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