ISA interest - when added?

sparrer

Seems a silly Q I know but as the last day of tax year fell on Saturday 5th, is payment of interest on ISA's held over until the next working day, ie Monday 7th?

munk

Afaik the interest on my Egg ISA is paid one year after the date that I took it out - or would be added at the time of transfer/closure if I decided to go either of those ways. I would imagine when your ISA interest is paid will depend largely on the T&C of your specific product - which ISA is it? Have a look through the T&C to see when they pay interest.

sparrer

Thanks Munk for your reply - I've checked the p/wpork for my Halifax Saver Direct and the interest is paid on 5th April. I presume this means I have to wait until Monday to see the final total for the year. Impatient saver!

munk

Ahh right, all good then yes I suppose it'll be Monday, can't imagine them working Sundays!

gnite

chrisbee_2

ahh i have a ISA with egg, i didnt realise that the interest was paid 1 year after the account was open, I was hoping to see how much interest ive earn !

sparrer

Just thought I'd have a peek this morning and surprise surprise, the interest was added at about 3am. Surely can't have been done by a human on a Sunday so I'm guessing Halifax have robots to work through the night. Cheaper too:rotfl:

$nake_eye$

I have my isa with Icesave, but nothing yet.. maybe tomoorw.
Anyone else wit Icesave had the interest added?

Lokolo

chrisbee wrote: »

ahh i have a ISA with egg, i didnt realise that the interest was paid 1 year after the account was open, I was hoping to see how much interest ive earn !

Email them and ask, they usually tell me when I do lol. Just be polite, don't go mailing saying 'Oi I wanna know how much f-ing interest I have, innit' hehe.

YorkshireBoy

$nake_eye$ wrote: »

I have my isa with Icesave, but nothing yet.. maybe tomoorw.
Anyone else wit Icesave had the interest added?

Isn't annual interest on this account paid on the anniversary of account opening?

Lokolo

You can choose to have your interest paid monthly or annually. Interest can be paid:
- To your Easy Access ISA
- To an Icesave Easy Access Savings Account
- Direct into your nominated account in your name(s)

Monthly interest will be paid on the same day of each month as account opening whilst annual interest will be paid on the date as account opening each year.
For both monthly and annual interest paid to your nominated account - if any day is not a business day interest will be paid on the following business day.

^^^ taken from ICEsave website

Trying_really_hard

Lokolo wrote: »

Email them and ask, they usually tell me when I do lol. Just be polite, don't go mailing saying 'Oi I wanna know how much f-ing interest I have, innit' hehe.

Thanks for that suggestion. Was just about to get annoyed at egg for me not reading the terms and conditions properly - . Can't believe I missed that in the T's and C's. :rolleyes: