Where's my interest?

Lauren_ander88

After watching the money saving expert on Friday night and following the advice of getting your savings into an isa before the end of the tax year, I am yet to see any interest. I went with my bank which doesn't offer as higher interest rate as others and I want to transfer for the new tax year. Was it just pointless putting my money into this isa? Would I have to wait a year to receive the interest?

david78

What account is it?

Lauren_ander88

Its HSBC, does that make a difference?

rb10

Interest is generally paid annually.

But when you transfer the account to another provider, they'll pay interest up to the date of closure (assuming it's a standard instant access account without closure restrictions).

Lauren_ander88

Ok, thanks for that. And yes it is an easy access!

david78

Some of the HSBC accounts pay interest monthy. Can you say what the name of the account is?

Lauren_ander88

Its the e-isa, I applied online on the 5th April

rb10

You should probably look into transferring your current account at the same time. HSBC's are generally poor value.

david78

According to the HSBC web site, the eISA pays interest monthly. So you should have had the interest each month since the account was opened. Have you noticed extra credits going in the account when you look online.

When you say 5 April, do you mean Friday (a few days ago)! If so you won't get any interest until you have had the account for 1 month.

I think this a case of Martin's program causing more confusion.

Lauren_ander88

I am looking for the best deals now actually. I need a new current account for my wages and I want to open a new account for my start up business, were I am not earning very much. Struggling to find any that don't have a minimum monthly deposit amount

Lauren_ander88

I only opened the e-isa 2 days ago, but I want to transfer the money to a better interest easy access isa so that's why I was wondering if it was worth putting it in last minute