ISA - Urgent

ger_ryan22

Hi there, Myself and my partner have 3grand each and are thinking about putting this in seperate ISA accounts this week to use our allowances. When will we see this interest on the money and can we withdraw anytime we want? We're thinking of going with Abbey.

Thanks
Gerard

dunstonh

When will we see this interest on the money

Interest on most accounts accrues daily but is paid either monthly or yearly (some may pay at different frequencies).

can we withdraw anytime we want?

If you go for an instant access or direct access you can.

ger_ryan22

Thank you! We have our wedding in June so we were hoping to see the interest before then, will the bank give you the frequency of interest payment in the t&c's or does it depend on anything else?

thumshie

It will normally state in the T&C's when interest is paid. For instance abbeys direct and easy isa states on the web page:

web wrote:

Interest is paid after close of business on the 1st March each year

So you'd have to wait till next year to get the interest with abbey..

ger_ryan22

Thanks Thumsie, to see this interest does your £3000 have to have stayed in the account the whole year and never dropped beyond that or do they calculate the interest monthly and just pay it out in total come March?

Ger

LittleVoice

If you need the money going into the ISA and feel sure that you won't be able to add more in the current tax year after your wedding, you could close the ISA when you needed the money and, at that point ,you would also receive the interest earned to date.

This works if you get an instant access ISA but it means you couldn't open another until April 2008.