Interest gained on a cash ISA paid in May?

shicky

Hi guys,

just a quick question, I noticed this last year in that the interest for 2013/2014 was only paid into my account on May 2014. Is this always the case?

I ask as I wish to transfer my cash ISA to a S&S ISA, however I'm concerned that if I start the transfer now, I'll lose out on the interest gained or the interest will only appear after the transfer completes?

le_loup

Interest will be paid at the time indicated in the T&Cs.
Interest is calculated daily.
If you transfer now, interest will be transferred at the same time as the capital, calculated up to the date of the transfer.
You will not lose out.

shicky

thank you le loup, extremely clear and prompt answer!

Eco_Miser

le_loup wrote: »

If you transfer now, interest will be transferred at the same time as the capital, calculated up to the date of the transfer.
You will not lose out.

Unless the cash ISA in question is for a fixed period and has a penalty for early withdrawal.