ISA if I put £4k now what's the best rate I can get

humadoon

Hi silly question
If I were to put 4k in an isa let's say today and take it out after sometimes in April this year,does it gives me whole year interest or just for the days I keep my money in?
I am just confused as a friend said today it gives out the whole years interest.

AlwaysLearnin

You'll only get interest for the days the money was in the account.

Zanderman

humadoon wrote: »

Hi silly question...
...a friend said today it gives out the whole years interest.

Your friend has given you silly advice.

All savings accounts only give interest for the days the money is in the account.

ISAs are only different in that they're tax-free. And you can only pay in to one per year.

jimjames

humadoon wrote: »

Hi silly question
If I were to put 4k in an isa let's say today and take it out after sometimes in April this year,does it gives me whole year interest or just for the days I keep my money in?
I am just confused as a friend said today it gives out the whole years interest.

Why would any bank pay you interest for money that wasn't in your account?

For £4k you'll be far better off using a bank account at 5% interest than any ISA.

agrinnall

You'll be lucky to make £20 in interest on £4000 between now and April, and while that's better than nothing it's hardly going to change your life.