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18month bond
Silverbird65
Posts: 454 Forumite
How is interest paid on 18month bond. Which tax years does it get paid in?
Thanks
Thanks
1
Comments
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They will vary. The important thing is what does the Product Information or Terms and Conditions state. Some offer interest paid monthly, others credit the bond on the first anniversary and then again on maturity whereas as others will only credit the interest on the maturity date.1
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It's the Nationwide exclusive members bond 18months. 5.5%.
Thanks0 -
For NW Bond specifically you get 1 year's worth at the anniversary and the rest on maturity. After the anniversary there is a small period of compounding.
If you open it now both interest payments will hit the same tax year (25/26). In any event, NW may only report the total interest amount on maturity to HMRC.1 -
- We'll pay the interest on the anniversary of the date you opened your account (regardless of when the account was funded), at the end of the term, and on the day your account closes.
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