Metro Bank 1 Year Fixed Rate ISA

kjs31

I opened a fixed rate ISA with Metro Bank last November via an ISA transfer which is due to mature this coming November. I’ve had fixed rate products before but not an ISA so was surprised to see interest paid on 5th April as I was expecting all of the interest to show up at the end of the 12 month term. That’s not an issue per se but when I looked at the product summary it states 

Interest is calculated daily and paid annually on or around 5th April each year.

Then further down it says 

Your fixed rate cash ISA matures the day before the relevant anniversary date of your account opening and your deposit and any interest will be paid the next working day. 

The latter is what I had expected to happen but the 2 statements appear to conflict. So when should I expect to receive the remaining interest? At maturity I assume? I intend to transfer the funds to another fixed rate product with whoever is offering the best rate at the time. 

CrickJon

Looks like what it says. Interest is paid annually in April and also upon maturity?

refluxer

Yes - it sounds like interest will be paid on a specific date during the year and then again on maturity. It's an approach I've come across with one or two of my accounts in the past.