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Just a quick question for a bit of an ISA newb, i dont seem to be able to find an answer to this very easily
let say i have one ISA with egg for a few years
year 1 : £2000 is paid in
total: £2000
year 2: £3000 is paid in
total: £5000
year 3: £3000 is paid in
total: £8000
now i understand in year 1 i will recieve interest on the £2000 i've paid in, but for year 2 do i recieve interest on the £3000 paid in for that year or the total of £5000 for the 2 years? And for the 3rd year do i recieve interest on the £3000 i've paid in that year or the £8000 i've kept in there over all 3 years?
Thanks
You receive interest based on your daily balance. This interest will then either be paid monthly or yearly, depending on the account / your choice.
In all cases you will earn interest on the full balance.0 -
Quick update so far:
Have recived two letters by Barcleys now saying that they don't have enough ID. I have been to branch twice to give the same ID as before. Got a 3rd letter from Barcleys to say I have now been accepted :T . But it could take up to another 4 weeks for my ISA account to be activiated
So from signing on for 07/08 at 26Mar08 to 30May08 (about 2 months) to open a Barcleys Cash Tax-Haven ISA. I intended to put £3600 from 5April08 onwards but still can't as they havn't opend my account yet :mad:
Oh well, it was too good to be true, Barclays lied, they didn't open an ISA account for me. In fact they said that HM Revenue & Customs won't allow my 2007/08 tax ISA....even though I applied mid March 2008 and Barclays back dated all my paper work. They haven't even tried to create a 2008/09 tax ISA either. It was Barclays fault in the first place when they kept on saying they didn't have any ID on me, but they did because it was all photocopied...3 times!
Anyway, I'm writing a strong complaint to the incompetent Barclays bank for cocking it up between 26Mar08 to 12Jun08 and I've missed out on £3000 savings!:mad:0 -
Oh well, it was too good to be true, Barclays lied, they didn't open an ISA account for me. In fact they said that HM Revenue & Customs won't allow my 2007/08 tax ISA....even though I applied mid March 2008 and Barclays back dated all my paper work. They haven't even tried to create a 2008/09 tax ISA either. It was Barclays fault in the first place when they kept on saying they didn't have any ID on me, but they did because it was all photocopied...3 times!
Anyway, I'm writing a strong complaint to the incompetent Barclays bank for cocking it up between 26Mar08 to 12Jun08 and I've missed out on £3000 savings!:mad:0 -
Oh well, it was too good to be true, Barclays lied, they didn't open an ISA account for me. In fact they said that HM Revenue & Customs won't allow my 2007/08 tax ISA....even though I applied mid March 2008 and Barclays back dated all my paper work. They haven't even tried to create a 2008/09 tax ISA either. It was Barclays fault in the first place when they kept on saying they didn't have any ID on me, but they did because it was all photocopied...3 times!
Anyway, I'm writing a strong complaint to the incompetent Barclays bank for cocking it up between 26Mar08 to 12Jun08 and I've missed out on £3000 savings!:mad:
A similar thing happened to myself AND my husband. We applied for an 07/08 ISA each in March and gave them two cheques for £3k (total £6k). Due to their incompetence, our ISA wasn't opened in 07/08. We complained and they offered us £390 compensation EACH. We decided that the Financial Ombudsman would probably not offer more and therefore accepted. So if you acutally wrote them a cheque for £3,000, I don't see why you shouldn't also get £390 compensation. I did my maths and this makes up for around 6 years worth of financial loss. This may seem fair, however ultimately we keep a lot in cash as both myself and my husband are self-employed, so we still lose. I will never touch Barclays again - for anything.0 -
Your quite correct in thinking, as far as I am aware, that in the 1st year interest is based on the £2000. Each consecutive year interest is based on the balance.
CheersJust a quick question for a bit of an ISA newb, i dont seem to be able to find an answer to this very easily
let say i have one ISA with egg for a few years
year 1 : £2000 is paid in
total: £2000
year 2: £3000 is paid in
total: £5000
year 3: £3000 is paid in
total: £8000
now i understand in year 1 i will recieve interest on the £2000 i've paid in, but for year 2 do i recieve interest on the £3000 paid in for that year or the total of £5000 for the 2 years? And for the 3rd year do i recieve interest on the £3000 i've paid in that year or the £8000 i've kept in there over all 3 years?
Thanks0 -
Hi all
I was wondering if anyone knew that if I opened a ISA with HSBC (I already have a current account with them) whether that you continue to get the higher rate when you stoped using the current account (or could I leave it open and not use it???).
I'm going to Uni in Sept and I'm not sure where my student bank account will be as yet - depends who has the better student deal!
Thanks for any help you can give
:-)Light bulb moment April 07: [strike]£3,655 [/strike] Oct 07: [strike]£2,220[/strike] now 0 - 3 years of Uni debt to be added at a later datenow at Uni as a Mature student -update: now has a First Class BA!0 -
I was wondering if anyone knew that if I opened a ISA with HSBC (I already have a current account with them) whether that you continue to get the higher rate when you stoped using the current account (or could I leave it open and not use it???).
There is no requirement to have a current account with them to open the eISA account & no 'higher rate', as far as I can see.0 -
Do you mean the 6.25% eISA?
There is no requirement to have a current account with them to open the eISA account & no 'higher rate', as far as I can see.
yes, that's the one.
I read this on the main banks, saving page on this site:
It's possible to match Barclays, without the inconvenience of a short-term bonus rate hike. [URL="httphttp://www.moneysavingexpert.com/redir/c6a17df7"]HSBC's*[/URL] Cash e-ISA pays 6.25% AER on all balances from £1. However, this is only available for HSBC current account holders; this is highly uncompetitive account and not worth opening just to get the ISA (see Best Bank Accounts for the top payers). Yet if you already have a HSBC account, this is the top paying ISA, and the best place to stash your cash.
I just wondered if you stopped having money going in to the current account then you lose the higher interest rate.Light bulb moment April 07: [strike]£3,655 [/strike] Oct 07: [strike]£2,220[/strike] now 0 - 3 years of Uni debt to be added at a later datenow at Uni as a Mature student -update: now has a First Class BA!0 -
Yes, I hadn't gone into the 'Apply online now' section, where the current a/c requirement is shown - in theory, there should be no reason why you can't leave your current a/c open, even if you only transfer funds into it from your new one in order to pay them into the eISA - check out the current a/c's Terms & Conditions for any possible problems.0
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I haven't seen any mention of the Newcastle Building Soc Cash ISA at 6.60% - seems to be the best rate at the minute.
It only opened on the 23rd June but would seem to outstrip the Barclays 6.50% offering.
http://online.newcastle.co.uk/invest/Products/FRO18_19/Index.htm0
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