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What happens to accrued interest when switching ISA provider?
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SilverCoin
Posts: 2 Newbie
Hello!
I have a lloyds advantage (cash) ISA (currently 3.80%) and want to switch to a Trading 212 (cash) ISA (currently 5.10%), staying within the tax-free wrapper as its a big difference of 1.3%.
Lloyds pays out interest monthly around the 7th of the month for me. If I switch, would i lose accrued interest that hasnt been paid out yet? or can i safely switch and will lloyds add the interest just before switching?
Hope for some advice on this!
I have a lloyds advantage (cash) ISA (currently 3.80%) and want to switch to a Trading 212 (cash) ISA (currently 5.10%), staying within the tax-free wrapper as its a big difference of 1.3%.
Lloyds pays out interest monthly around the 7th of the month for me. If I switch, would i lose accrued interest that hasnt been paid out yet? or can i safely switch and will lloyds add the interest just before switching?
Hope for some advice on this!
0
Comments
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If you are transferring the whole ISA, they will normally calculate any interest due and include it in the closing balance that gets transferred. If you're not closing the Lloyds ISA then they will probably just add the interest as normal on the monthly date.2
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Most accounts calculate interest daily, so on account closure they will calculate how much is due and pay it into your account as a part of the ISA transfer.
1
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