Putting money in each month to an ISA

swains

After going to Uni, then travelling, then going back to Uni for a masters, I have finally just managed to get out of my overdraft.

I would like to start putting some money away each month. From using this site my preferred option is a cash ISA, and the Coventry ISA appears to be the best one.

I intend to put away around 450 a month.

If i put 450 into the ISA a month after 12 months I will have put 5400 into the ISA.Using the savings widget on this site it predicts I would then get 140.40 in interest.

I wondered if the interest calculated was based upon me putting a lump sum 5400 at the start of the year (which I cannot do, as I currently have no savings), and leaving it in their for the year, or if by putting in 450 per month I would achieve the 140,40 in interest?

If I would not achieve the 140.40 in interest, is there a better place to put regular monthly savings, or would the ISA still give me the best return?

latecomer

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#savingscalc

Using the regular saver section (and 0% tax to reflect its an ISA) :

After saving £450 a month for 1 year and 0 months,
you will have £5,475.75 in savings.
meaning you've earned £75.75 interest

saintalan

If you are close enough to a Nottingham BS branch you could get this at 4%.

Or possibly by post as some of use are trying to do and waiting to hear.

Cheers

Alan