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Interest on an ISA
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wisespender_2
Posts: 2 Newbie
I have a £20k isa due to mature. If I am happy with the rate, can I leave it there WITH the interest (which takes it above £20k) OR do I have to have the interest paid into my nominated bank account. Thanx
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You can leave it in there and you'll continue to receive interest. Or you could transfer the whole £20K+ elsewhere if the interest rate has dropped below other ISA products in the market.
The £20K limit is only for new money you put into an ISA (or split across multiple ISAs) in one tax year.1
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