Barclays Cash ISA - interest can’t be added to the isa but needs to be paid into separate account?

orange-juice

i thought I messed up the application but phoned them to double check and this seems to be the case.

Just wondering whether that’s typical or an anomaly with Barclays, as I think I might easily break the psa next tax year..

eskbanker

Somewhere in between typical and an anomaly I think, some do this but many don't.

JGB1955

Did you apply for a monthly interest payment rather than annual?  They seem to have two 4% one year issues - one is monthly interest, the other annual.

orange-juice

JGB1955 said:

Did you apply for a monthly interest payment rather than annual?

Yes, I did go for monthly. Did you not have this trouble by going annual?

orange-juice

eskbanker said:

Somewhere in between typical and an anomaly I think, some do this but many don't.

Excuse my poor comprehension skills, do you mean many don’t pay the interest into a separate account?

JGB1955

orange-juice said:

JGB1955 said:

Did you apply for a monthly interest payment rather than annual?

Yes, I did go for monthly. Did you not have this trouble by going annual?

If you chose monthly the interest will be paid to your external account.  If you chose annual the interest will compound and be added to the ISA  when it matures (and the balance be slightly higher at the end of 12 months).

soulsaver

orange-juice said:

eskbanker said:

Somewhere in between typical and an anomaly I think, some do this but many don't.

Excuse my poor comprehension skills, do you mean many don’t pay the interest into a separate account?

Some do, some don't.

orange-juice

JGB1955 said:

orange-juice said:

JGB1955 said:

Did you apply for a monthly interest payment rather than annual?

Yes, I did go for monthly. Did you not have this trouble by going annual?

If you chose monthly the interest will be paid to your external account.  If you chose annual the interest will compound (and the balance be slightly higher at the end of 12 months).

Interesting, I’ll try cancelling and going through it again .

eskbanker

orange-juice said:

eskbanker said:

Somewhere in between typical and an anomaly I think, some do this but many don't.

Excuse my poor comprehension skills, do you mean many don’t pay the interest into a separate account?

Yes, many will just add it to the balance of the account itself, and some will offer the choice of doing either!