Isa interest

YorkshireBoy

FLOWERPOT wrote: »

Yes made typo there. It's for 6/4/12 to 5/3/13.

Given your ability to mix up dates (;)), are you sure the second date isn't the 5/4/13 (ie covering the tax year 2012/13) and the £6.16 is, as mulronie suggests above, the interest credited to the account last May (10 days worth)?

innovate

I think mulronie got closest so far in solving the riddle.

Perhaps the OP can confirm the dates involved in a bit more detail - such as when exactly was the £5,640 deposited, when exactly was the interest paid, and what exactly it says on the statement against the £6.16.

BTW, I have one of these Major ISAs too. Not got the interest for the 12 months ending on May 1 2013 yet - and didn't expect to have got it yet since it isn't May 1 yet. But I did get some interest on May 1 2012, for the number of days my money was in the account by then.

innovate

YorkshireBoy wrote: »

............ are you sure the second date isn't the 5/4/13 (ie covering the tax year 2012/13) .....

They don't pay interest on the 5th of April (or the 5th of March, or any 5th) for that ISA. Unless you have closed it on that day, but that would entail a penalty.

See the link I posted earlier with the ISA facts.

YorkshireBoy

innovate wrote: »

They don't pay interest on the 5th of April (or the 5th of March, or any 5th) for that ISA.

I didn't say they did.

The OP has not said when the interest was paid (but my money's on the 1st May last year...as per the T&Cs).

I think the OP has simply received an annual summary of interest paid during the 2012/13 tax year (and messed up with the dates, which is causing all the confusion).

innovate

YorkshireBoy wrote: »

I didn't say they did.

I know you didn't :cool:

YorkshireBoy wrote: »

I think the OP has simply received an annual summary of interest paid during the 2012/13 tax year (and messed up with the dates, which is causing all the confusion).

quite probable

YorkshireBoy

innovate wrote: »

quite probable

A fiver (to charity of course) says that's exactly what's happened.

typistretired

innovate wrote: »

Hmh, that's very odd dates.

If I recall correctly, the 2 year fixed rate ISA Santander offered in April 2012 was the Major ISA. If that's the one you have, it pays interest in May, not March. Interest is calculated daily and added to the account on 1 May annually.

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223420706682&maxage=3600

Did you close the account on March 3? Still wouldn't explain the amount of interest paid, but it would explain the dates.

Well done innovate finding that product on Santander, I have never been able to find their previous fixed rate isas on their website. I noticed this on page 2

Statements Annually in March.

So the statement was probably for April to May 1st 2012 but still seems a bit low as I received over £200 for my isa 2012-2013 and the rate was only 3.60%

innovate

typistretired wrote: »

So the statement was probably for April to May 1[/SIZE]st 2012 but[/FONT] still seems a bit low as I received over £200 for my isa 2012-2013 and the rate was only 3.60%

Lol, between us, we are piecing the answer together quite nicely. I think you are right, the statement the OP received was for last April 6 to May 1. It is perfectly possible to have got over £200 in interest, at 3.6%, for the period April 6 to May 1 2012. All depends on how much you had in your account during that period.

We still do not know the exact dates when the OP deposited [how much], and it is therefore also completely possible that they only earned £6.16 for the same period.