New ISA account today

woz1

Hi,

Just a quick question.

So I don't have any ISA accounts at the minute, or haven't had any this financial year, although I do have £3500 in a normal savings account. If I open an ISA account today, and load all of the money into the account, would I get a whole years interest on it in April, or am I being too hopeful?

Thanks

Gadfium

LOL, no. You only get interest for the time the money is with the bank.

Vortigern

No. The interest rate is x% per annum.

You only get x% if you leave the cash in there for a whole annum.

woz1

Gadfium wrote: »

LOL, no. You only get interest for the time the money is with the bank.

"lol" - Overused :wall:

Thanks for the reply either way, I thought it would be too good to be true.

soros

It`s ok Woz, we cannot know everything about every subject. In fairness, ISA`s are not the easiest type of investment to understand, but ok once you get familiar with them.

At 6th April each year (start of the financial year) you can open another ISA. You can also transfer (add) your previous year`s ISA to the new one. The limit for the current year (6th April 2014 to 5th April 2015) is 15K in cash if that is what you prefer.

Never be afraid to ask questions.

jimjames

woz1 wrote: »

"lol" - Overused :wall:

Thanks for the reply either way, I thought it would be too good to be true.

If you take out a loan today, would you expect to be charged interest for the last 11 months even though you didn't have the money then?

No different to a bank being expected to pay interest on money you've not deposited.