N,S&I Direct ISA questions

Wings_of_Ambition

Hi,

I've had a good read through Martin's recent ISA article update, and the forums, and am looking at opening the NS&I Direct ISA, but had a few questions:

1. An annual statment is provided showing interest earned. Is it possible to see details of the interest earned more often i.e. daily/weekly/monthly? I do understand that interest is only actually paid annually, but it would be nice to see what my money is doing for me.

2. The following is from the T&C on the NS&I website:

17. Under HM Revenue & Customs regulations, if you do not subscribe to your Direct ISA for a whole tax year or longer, you will be required to sign a fresh declaration before any further subscriptions can be added.

Could someone simplify this for me? Is it important?

3. Are there any cashback sites offering rewards for opening this account?



Thanks

WoA

sad_ken_2

1. The easiest thing to do is to work out how much interest you will earn in a year, e.g. 5.8% of £3k is £174. Divide the interest according to the period you want, so monthly, you'd earn £174 / 12 which is about £14.50. This figure will be slightly high (about 40p in this case) due to ignoring the effects of compound interest. If you need a more accurate figure than this, you can find out the appropriate gross rate and use a spreadsheet.

2. This means for example, if you invest with NS&I this tax year, then with someone else the next tax year, you can't invest back with NS&I the year after that without signing something.

3. No.