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Sidekick ISA: is the 1.38% 'bonus' rate taxable?
I recently opened this account with a 3.23% interest rate, and an additional 1.38% 'bonus', taking the headline rate to 4.61%
But when my interest was paid, only the 3.23% was credited to the ISA, and the 1.38% bonus interest was put in another account, called a Sidekick wallet which obviously isn't the ISA; their customer service is pitiful and they couldn't tell me whether it was taxable or not. My suspicion is that it is. Any ideas from anyone?
Comments
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As far as I know, any interest on your ISA balance is tax free. I don't know if you get interest on the amount in your sidekick wallet, but since that isn't in a tax-free ISA wrapper (I imagine), then the interest on that interest would be taxable.
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Some ISAs pay interest "away" to another account, but that doesn't mean it's taxable.
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