Cash ISA Question

Gachou

Hi Folks,

Sorry if this has been asked before and thanks for your patience!

I opened a cash ISA in April last year. I paid the full allowance for the year and got my interest at the start of the month. After that it then prompted me to "top up" my ISA.

My question is if I top up my ISA do I get the interest on the full amount come April next year or should I move my original contribution amount to another means of saving and just keep the £5700odd amount allowed for this year in the ISA?

I hope that makes sense, somewhat new to all of this!

Thanks.

david78

If you top up the account, the interest you will get next year will be calculated on the total amount.

PS. Welcome to the MSE forums.

oldfella

suggest you check the interest rate you would get, existing accounts often have a low return after the first year

innovate

Gachou wrote: »

My question is if I top up my ISA do I get the interest on the full amount come April next year or should I move my original contribution amount to another means of saving and just keep the £5700odd amount allowed for this year in the ISA?

Probably the last thing you'd want to do is "move my original contribution amount to another means of saving". I'd suggest you could read the ISA guide on the main site http://www.moneysavingexpert.com/savings/best-cash-isa#whatis