We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Does interest compound
angelra
Posts: 1 Newbie
I am not sure what to do. I have an ISA opened last year with moneybox at 5%. I will have money to invest £20000 in a new ISA. Moneybox have opened a new ISA in 2024 at 5.11% but they will not allow 2 cash ISAs . Do I gain anything by putting my money into the same ISA or should I transfer to a new ISA with a different provider? Then open a new cash ISA with moneybox? Will my interest on first ISA be compounded by the interest achieved last year in both counts....new provider and old? Cash ISAS seem to have higher interest than fixed accounts too that I noticed
0
Comments
-
Cash ISAs work like other savings accounts. You earn interest on the balance of the account, so if you add money you'll earn interest on the new balance. Interest paid within the ISA will compound.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards