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Monthly interest on Isa's

fishingdobbie
fishingdobbie Posts: 74 Forumite
in ISAs & tax-free savings
The ISAs I have set up, pay interest monthly into my current account, I am not gaining anything am I? As soon as it goes into the current account I pay tax on it. Call me thick if you like I will understand ! Bert

Comments

  • fishingdobbie
    fishingdobbie Posts: 74 Forumite
    Al_Mac wrote: »
    Right thicko.

    If you don't need the interest, you should leave it in the ISA, where it will earn more interest TAX free.

    Once it leaves the ISA it becomes eligible for TAX on interest earned from then on.

    Cheers Mac,
This discussion has been closed.
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