Which % rate applies now?

wooders

As of 2nd May, Alliance&Leic will reduce their ISA rate from 6.25% to 6%. I have opened one already on the 21st April. Will I get the 6.25% or the 6%. If its the latter then I think its a real pee take as they know most people are going to open in April. If its staying at 6.25% then I'll wind my neck in!!

I see Barclays tax haven have done the same today too

:money:

tipsychick

Hate to be the bearer of bad news but it'll be 6.00% as it's a variable not fixed rate ISA.

wooders

bummer!!!!!!!

Lokolo

You will get from the 21st --> 2nd at 6.25% and then from then on 6.00%.

Its worked out on a daily basis.

So you have £3029 in bank. At 6.25% you would get £189.31 a year. Then divide this by 365 (365 days in the year) which is 52p. Which means from 21st April to 2nd May you get 52p a day.

From 2nd May you will get 50p a day. Each day is then added up when it comes to your payment day and paid to you in a lump sum.