New to ISA

Adao

Hi
I wanna get some information,

I opened a cash Isa on the 2nd of April with Santander and transferred £4000 to it.

I just checked the account and there was no interest. Was I supposed to receive interest?

I'm confused in regards to this

Any help is appreciated!

Vortigern

You'll get interest added to the account once a year, so you may have to wait a while. Look at the terms & conditions of your account to find out when the interest will be added. Bear in mind that if your interest rate is 3% (for example) it really means 3% per annum. Your money has only been in the account for 23 days, so it won't have earned much yet.

thenudeone

Interest is usually added to a savings account once a year (although it's calculated daily); sometimes on a fixed date, sometimes 1 year after opening the account.

I think Santander adds interest on 1st March each year (???). If you close or transfer before next March it'll be calculated and added to the account before transfer/closure.

crackingman

Hello all,
Sorry I am the same. I am with Nationwide and put £4000 into a ISA online saving account.

I rung up to say I hadnt earned any interest, they replied interest is paid at the end of August.

I then logged in to the ISA and it appears I can still add to the account... do you not have to open a new one for a new year? Or does it automatically register for the new financial year?

Thanks.

Vortigern

crackingman wrote: »

I am with Nationwide and put £4000 into a ISA online saving account.

When did you pay this in? If it was before 6th April it's from last years allowance and you can add £5640 as this year's allowance. If you paid in £4000 on or after 6th April, it's from this years allowance and you can only pay in another £1640

It appears I can still add to the account... do you not have to open a new one for a new year? Or does it automatically register for the new financial year?

If it's a variable rate easy access ISA you can continue to add to it, up to your annual allowance each year and you don't need to open a new one every tax year. So, yes it is automatically valid for each new year's allowance. The ones that don't usually allow additional deposits are the fixed-term fixed-rate ISAs.

crackingman

I made three payments in March like 20th 25th and 29th. Its last years allowance.

Oh okay so its an easy access ISA. Say I add £3000 to it tomorrow, will the ISA then read £7000, or would it then show 2011/12 - £4000 & 2012/13 - £3000

Thank you for your help.

McKneff

It would read £7,000.

badger09

crackingman wrote: »

I made three payments in March like 20th 25th and 29th. Its last years allowance.

Oh okay so its an easy access ISA. Say I add £3000 to it tomorrow, will the ISA then read £7000, or would it then show 2011/12 - £4000 & 2012/13 - £3000

Thank you for your help.

Do you qualify for Nationwide's Flexclusive ISA? It pays 4.25% :T.

http://www.nationwide.co.uk/savings/cash_isa/flexclusiveisa/introduction.htm

If not, depending on which issue of the Online ISA you have, it might be worth moving to Online ISA issue 4. Same rate 3.1% but bonus until 31 October 2013, and you can apply to transfer online

crackingman

How do I find out if I qualift for Nationwides flexclusive ISA ?

badger09

crackingman wrote: »

How do I find out if I qualift for Nationwides flexclusive ISA ?

Click on the link in my post above and read what it says

vicky225

Hello,

An ISA newbie here just after some information.

I want to start a cash ISA soon. I have £2000 I can put in straight away and then would be looking to add more every month.

However I want the money for March next year when I go travelling.

I know I shouldnt open a fixed term acount as the lowest time frame is 1 year and I will be keeping my ISA for less time than that.

Do all ISA's pay your interest annually? If so, when I want the money in March 2013, am I not entitled to any interest because I haven't had the ISA for a year? or would they calculate my interest earned to that point?

Also I have read some information about 'drip feeding' into an ISA. Once I have put in the initial £2000 should I be drip feeding the account every month or waiting until I can make another larger deposit?

Thanks in advance for any help/advice.

Vicky