My Abbey easy ISA...

gabyjane

When i asked in the bank last week i was told that any interest on my ISA was added daily..i asked that if i added a chunk before the 5th of April would it give me more interest..i was told no.

I have just had my statement through and it says that i have had £37 odd interest added on the 3rd of march? why if it is added daily and why 3rd of march..

is their any point me adding any more money to it..is that my interest..

Thankyou.

billieboy_2

Abbey interest is paid out on 1st March (this year 3rd March as 1st was a Saturday). Yes it is worth you adding to your account before 6th April to use up your current year's tax free allowance but you won't see the interest on it until 1 March 2009. Hope this helps.

Lokolo

Interest in calcualted daily. Then added to your account annually.

To work out how much interest you are getting daily:

(Money / 100) * Rate /365

Money = how much money you have in there.
Rate = the percentage rate, e.g. 5.15

BenL

The phrase is usually - Calculated Daily, added yearly.

gabyjane

Thanks see what you mean..it is money put away for my tax bill so unfortunatly have to take some out before the deadline therefore i think losing some of the interest..may think of changing to something else! thankyou.