So lost on ISA's and savings!

hieveryone

I'm rubbish when it comes to money and only recently opened an ISA 

So currently my ISA has 20k in it. I opened it November 2023 at a rate 4.9%. 

I am lucky enough to have another 20k sitting - do I get more ISA allowance on 6th April? 

Is interest added from my first ISA November - November? Or November - April? 

Any advise welcomed! 

MeteredOut

Yes, new £20K allowance each tax year. But, you could open an ISA now (for example, to lock in a certain rate) and the transfer the £20K on 6/4 or, if your current provider allows it, top up your existing ISA with the same.

Your product details will tell you when interest is paid on your current ISA.

See this thread for latest top ISA rates.

https://forums.moneysavingexpert.com/discussion/comment/80692470

ColdIron

hieveryone said:

Is interest added from my first ISA November - November? Or November - April?

It depends and you haven't told us anything about your ISA

If it was a 1 year fixed term/rate then usually (but not always) November

If it was easy access it will depend on the organisation and what you agreed on when you opened it, often monthly sometimes annually or even a fixed date, March or December or whatever. April would be unusual as the start of the financial year has no real bearing on it, unless you opened a fix in April

Go back to the T&Cs that you agreed on

hieveryone

ColdIron said:

hieveryone said:

Is interest added from my first ISA November - November? Or November - April?

It depends and you haven't told us anything about your ISA

If it was a 1 year fixed term/rate then usually (but not always) November

If it was easy access it will depend on the organisation and what you agreed on when you opened it, often monthly sometimes annually or even a fixed date, March or December or whatever. April would be unusual as the start of the financial year has no real bearing on it, unless you opened a fix in April

Go back to the T&Cs that you agreed on

It's just a pretty standard Nationwide ISA, it's called FRISA 1 YR on my banking app.

ColdIron

It's a Fixed Rate ISA then so almost certainly November to November

• We'll pay the interest by adding it to your account at the end of the day before each anniversary of the date you opened your account, at the end of the term, and on the day your account closes.

https://www.nationwide.co.uk/savings/fixed-rate-isa

hieveryone

ColdIron said:

It's a Fixed Rate ISA then so almost certainly November to November

• We'll pay the interest by adding it to your account at the end of the day before each anniversary of the date you opened your account, at the end of the term, and on the day your account closes.

https://www.nationwide.co.uk/savings/fixed-rate-isa

Great, so I need to check if my current ISA can be topped up, or if I need to open a new one? 

ColdIron

It's a 1 year ISA so it ends after a year and can't be topped up

These are Nationwide's current maturity options

https://www.nationwide.co.uk/savings/help/fixed-rate-isa-maturity-options