2018/19 isa

Novice1

I am a novice to ISAs, but have read they are a good way of saving. If I put £20,000 into an ISA paying 1.75% now at the end of the 2018/19 tax year, how much interest will I get?

eskbanker

Novice1 wrote: »

I am a novice to ISAs, but have read they are a good way of saving. If I put £20,000 into an ISA paying 1.75% now at the end of the 2018/19 tax year, how much interest will I get?

If you keep the £20K in there for a year, you'll earn £350 at the end of that 12 month period, regardless of whereabouts in the tax year you start.

Cash ISAs aren't as tempting as they used to be, but read through the two main MSE articles to ascertain what's likely to be best for your circumstances:

https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/