ISA interest

Killahertz

I've searched for answers to this, but can find nothing specific. Basically, I started my first ISA with Icesave (3k, yearly interest) a few months before the end of the 2007/8 tax year. I've since added this years 3.6k allowance.

Now, without previous experience I was expecting that the small amount of interest that I would have accrued on the original 3k would have been paid at the end of the 2007/8 tax year - it seems not to have been.

Is the 'yearly interest' that I have chosen literally that, ie that interest will accrue on the anniversary of the initial deposit? It isn't what i'd expect given the relevance to the tax year, but it's not a problem.

If this is the case, is it usual, or is it more common to accrue at the end of each tax year?

RayWolfe

What do the Terms and Conditions say about when interest will be paid?

sloughflint

On same date that funds first hit the account each year.

sloughflint

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.

Killahertz

sloughflint wrote: »

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.

Is this in the T's and C's? I thought i'd looked. Clearly not closely enough. Oh well, trip to Specsavers for me it is :rotfl:

sloughflint

Killahertz wrote: »

Is this in the T's and C's? I thought i'd looked. Clearly not closely enough. Oh well, trip to Specsavers for me it is :rotfl:

No it was from here: ( Easy Access ISA-General )

Killahertz

sloughflint wrote: »

No it was from here: ( Easy Access ISA-General )

Hmmm...curious. I know I read the FAQ - first place I tried. I'd also looked previously re where having the interest paid to. Ah, never mind, at least it's clear now. Many thanks.