Question on Icesave cash ISA, or existing icesave customer question.

nothingbutair9

Hi,

I just completed my first full month on ice save cash ISA transfered from A&L
The statement showed a full month of 20 MAR to 20 APR.

I have around £9,700, but it only gave me interest of £39 for the whole month??
I understand it is compound interest, but thats should be @5.94%, not like 4.8% seems what i have got.

Does anyone know how to calculate it properly? or is my £39 a correct figure??

Thanks,
Jon

McSaver

Icesave dont backdate Interest on money being transfered in from other providers, therefore thats were your £9 has disappeared to.

Not only that, you may of added £3,600 after the 5th of April to top up the new tax year which could be another reason why your getting your Interest payment being short.