A horribly basic question ....

Willow6

... almost embarrased to ask.

Only jumped on the ISA train in February this year with NS&I, as we have just hit a new financial year I was looking to stick my next £3K in. For some reason I expected to have a tiny bit of interest showing on my account already as I thought this would be done at the end of the financial year. As it is still showing my deposit amount of £3k only this has not happened.

Am I now correct in thinking that interest is only added to my account once the money has been in for a year and that my balance will not actaully change (apart from the additional money I put in) till next February?

SeanW

It appears they credit your interest on 5 April.

This is not an assumption I would make with all banks though, some are annual, some are monthly, some are anniversary or some are fixed dates.

The important thing is even though you don't see an interest accrued figure, if you was to withdraw money, you would be paid the interest which accrued daily since the last payment anyway.

bristolleedsfan

Willow6 wrote: »

... almost embarrased to ask.

Only jumped on the ISA train in February this year with NS&I, as we have just hit a new financial year I was looking to stick my next £3K in. For some reason I expected to have a tiny bit of interest showing on my account already as I thought this would be done at the end of the financial year. As it is still showing my deposit amount of £3k only this has not happened.

Am I now correct in thinking that interest is only added to my account once the money has been in for a year and that my balance will not actaully change (apart from the additional money I put in) till next February?

NSI terms and conditions online saver

5. Interest will be credited annually after close of business on 5 April.

Willow6

SeanW wrote: »

It appears they credit your interest on 5 April.

This is not an assumption I would make with all banks though, some are annual, some are monthly, some are anniversary or some are fixed dates.

The important thing is even though you don't see an interest accrued figure, if you was to withdraw money, you would be paid the interest which accrued daily since the last payment anyway.

I couldn't find this on the site. Any chance of a link if you did find it there.

Many thanks for the info though.

Willow6

Thanks again Sean and thanks too bristolleedsfan, got it now.

bristolleedsfan

Willow6 wrote: »

I couldn't find this on the site. Any chance of a link if you did find it there.

Many thanks for the info though.

http://www.nsandi.com/products/disa/tandc.jsp

SeanW

It's also on:

http://www.nsandi.com/products/disa/howitworks.jsp#comp