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withdrawing money from ISA with yearly interest
novicedollaruk
Posts: 1 Newbie
If i setup a £3000 ISA that pays interest yearly and then withdraw money (two scenarios here: all £3000 or £1500) halfway through the year what interest is paid if any?
If only put in £1 and then add to the account of a year period up to £3000 by the end of the year what interest is paid? Is it just on the total amount in the bank account at the end of the year or is it somehow based upon the value over the full year?
If only put in £1 and then add to the account of a year period up to £3000 by the end of the year what interest is paid? Is it just on the total amount in the bank account at the end of the year or is it somehow based upon the value over the full year?
0
Comments
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Its not based on the final value. Interest is calculated daily.
If the rate is 5%
AMOUNT * 0.05 / 365
Thats how you work out how much you will get each day, the more days you keep the most amount of money in your account, the more money you get in the end.0
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