Question about wording

butterbear

Hello, I hope someone may be able to advise- I'm a little confused by wording.

Quick background- my Nan gave me £1000 at Christmas, I had hoped to pay it into the TSB current account that pays 5% however was declined

At the moment it is in a savings account attached to my current account earning a mere 0.5% my Nan wanted me to enjoy this mney but until I can decide what to do with it I'd like to earn a little more interest.

I have been looking at the Coventry ISA paying 2.25 %- and am a little confused by the wording of the managing of the account, it say

'you can make new deposits while the account is open to new investors or for 7 calendar days after your initial deposit, whichever is longer.'

What does that mean? I was wanting to put the £1000 away and add to it when i can- is this possible with this account?

Rather confused!!! but thank you in advance :0)

Archi_Bald

It is a fixed rate ISA which has restrictions for both, deposits and withdrawals. All fixed rate accounts come with restrictions.

It says you can make deposits for a maximum of 7 days after your initial deposit, and that you cannot withdraw anything before 30.11.2018. You can close the account early but this will cost you 120 days interest - regardless of whether you already earned any interest or not.

http://www.coventrybuildingsociety.co.uk/savings-accounts/cash-isa.aspx

butterbear

Thank you