ISA Confusion

laurab2806

Hi,

I'm a little confused with my Halifax ISA. I was under the impression that I could pay money into my ISA up until today (5th April), and then the interest would be calculated on that. I've just transferred some money to my ISA, and noticed that interest was credited on 2nd April. Does this mean that I won't get the interest on the amount that I've just transferred?


Thanks!
Laura

colsten

Interest gets calculated daily, based on the balance you have on that day. The interest payment date might be any date - seems it is April 2 in your case. I.e. the next interest payment date will be next April 2, or when you close/transfer the ISA, whichever will be the earlier.

Ed-1

laurab2806 wrote: »

Hi,

I'm a little confused with my Halifax ISA. I was under the impression that I could pay money into my ISA up until today (5th April), and then the interest would be calculated on that. I've just transferred some money to my ISA, and noticed that interest was credited on 2nd April. Does this mean that I won't get the interest on the amount that I've just transferred?


Thanks!
Laura

It'll be because 5th April is a non-working day.

Interestingly, does your deposit that you've just made have a credit date of 7th April - i.e. next tax year - as Halifax takes credits/withdrawals made on non-working days to have been made the next working day - which is Tuesday.