If the ISA pays interest annually, but you withdraw everything after a few months...

martin2345uk

.. do you still get the interest up until the day you make the withdrawal?

Sorry if that's a really stupid question but I genuinely have no clue!

It's the Leed BS, 2.55% one I'm looking at going with...

Thank you!

badger09

martin2345uk wrote: »

.. do you still get the interest up until the day you make the withdrawal?

Sorry if that's a really stupid question but I genuinely have no clue!

It's the Leed BS, 2.55% one I'm looking at going with...

Thank you!

Yes, you'll get interest on the amount in the account, for every day its in there

amiehall

Although interest may be paid annually, it is calculated daily. You will get the interest up until the day you withdraw

martin2345uk

Thanks a bunch for the very quick replies guys!! :beer:

innovate

Apologies to the OP, but I just got to let some steam off now.

Are the teachers in our schools and universities, and/or our newspapers and TV channels, and/or the parents of the kids in this country not capable to teach the kids the difference between how much interest you get paid, and when you get your interest paid?

And is nobody capable to search the internet and/or forums? We have had this self-same question at least 4 times in the last couple of weeks. And umpteen times before.

Why don't people see the need to read the T&Cs that they happily say they accept when applying for accounts? These T&Cs will generally answer questions about how interest gets calculated and when it gets paid.

I could ask other questions but I will refrain.

anoncol

Are you winging about people not reading the forums or schools not teaching what APR AER is?

These rates are great for comparing accounts, but they dont tell you how you they are paid unless you understand what the rates MEAN!

YorkshireBoy

martin2345uk wrote:

If the ISA pays interest annually, but you withdraw everything after a few months do you still get the interest up until the day you make the withdrawal?

Whilst they could have worded it better (for the less financially aware/educated), condition 10 answers your question...

Product_T&Cs wrote:

10. On your instructions, and within such time as you shall stipulate, all or part of the investments held in the ISA and the proceeds arising from those investments shall be transferred or paid to you.

http://www.leedsbuildingsociety.co.uk/savings/pdf/online-bonus-isa.pdf

The "proceeds" are your interest accrued to date of closure.

innovate

anoncol wrote: »

Are you winging about people not reading the forums or schools not teaching what APR AER is?

These rates are great for comparing accounts, but they dont tell you how you they are paid unless you understand what the rates MEAN!

I am not winging, or whinging, and it's not about the difference between APR and AER.

Stroppypops

innovate wrote: »

Apologies to the OP, but I just got to let some steam off now.

Are the teachers in our schools and universities, and/or our newspapers and TV channels, and/or the parents of the kids in this country not capable to teach the kids the difference between how much interest you get paid, and when you get your interest paid?

And is nobody capable to search the internet and/or forums? We have had this self-same question at least 4 times in the last couple of weeks. And umpteen times before.

Why don't people see the need to read the T&Cs that they happily say they accept when applying for accounts? These T&Cs will generally answer questions about how interest gets calculated and when it gets paid.

I could ask other questions but I will refrain.

Have you not got more important things to worry about than this?

It's a forum, don't moan about people asking questions. If you don't like the topic, don't read it. Save yourself some burst blood vessels.

innovate

Stroppypops wrote: »

Have you not got more important things to worry about than this?

Have you not got more important things to worry about than my bursting blood vessels?

roddydogs

You should watch Martins TV progs if you really want to blow your top, it seems that 99% of the general public dont even know what an ISA is.
Dont even mention the Superman costume.