When to open 9 March at 2:46PM in ISAs & tax-free savings 1 reply 145 views

lebilly1

Some advice please

I have some money in a savings account (as ISA interest rates have been poor) which matures in August.  Now that ISA rates are increasing can I open an account and transfer money in August - I was looking at investing in a Fixed interest account for two years.  My question is how will the interest work if I am half way through the year (i.e April deadline) or should I put in a standard account until April 2024 ?

vacheron

If your non-ISA savings account is a fixed term, you may lose some or all interest by withdrawing early, or you may not be permitted to withdraw at all. You will need to check your T's and C's as the rules vary.

In relation to the ISA, the clock starts the day you open the account, you will then have 2 years from that point to wait until the term matures and you recieve your final interest payment.