Don't understand ISA interest given

boonys

I have just over £17,000 in a 2 year Santander 123 Fixed rate ISA, taken out last year with interest 2.30% however, on receiving account summary it is only showing 5th April - £24.49 & 2nd May -£29.86 so total of only £54.35 interest, surely this is incorrect.?

TCA

Those figures would be nearer to monthly interest amounts based on the numbers you gave.

butterflymum

Check your statement again and I would reckon you will see that both the April and May interest payments are dated 2014. Assuming you opened your ISA last March, the first full year's interest payment will be at the start of next month (May 2014 to May 2015).

badger09

boonys wrote: »

I have just over £17,000 in a 2 year Santander 123 Fixed rate ISA, taken out last year with interest 2.30% however, on receiving account summary it is only showing 5th April - £24.49 & 2nd May -£29.86 so total of only £54.35 interest, surely this is incorrect.?

Why do you think its wrong?

The 123 2 year FRISA was launched early March 2014, so those figures look ok.

The next interest will be for a whole year, credited on 1 May 2015 so should be around £392

boonys

Thanks butterflymum, its just that the statement just shows April & May interest and yes the statement date is from 6th March 2014 to 5th March 2015, I have jumped the gun without checking statement date. Thanks

enthusiasticsaver

I have the same ISA and the interest will be paid 1st May 2015.

Ooraoop

I have an isa with Santander and my interest got paid a few weeks ago for some reason! About £50 odd on about 3.5k :-/

colsten

Ooraoop wrote: »

I have an isa with Santander and my interest got paid a few weeks ago for some reason! About £50 odd on about 3.5k :-/

The reason you got paid interest is most likely because the terms and conditions said that you would get interest when you got it.

Mistakes can happen and you might have received interest you should not have got / you should have got before. Which one is it in your case?