Purely £3,600 left in Isa is interested each year?

garreh

Hi All

I think its a silly question but I would like to know if I left just £3,600 in a cash isa, is this interested each year or do I need to keep adding £3,600 every year to get the interest?

Masomnia

Nope you don't have to put the full amount in each year, in every account I'm aware of. Some accounts are different with different terms and conditions, such as minimum deposits and so on.

However you do, I believe, have to put at least something in each year to keep the account active, but as far as I'm aware you could just put a tenner in per year and that'd be fine.

Hope I've helped somewhat

LucyTheDwarf

You get interest all the while the cash is in there. So if you left it alone for a few years, it could grow quite nicely (but even more so if you continued adding to it in following years)

You don't need to pay in anything to keep the account open. I have an ISA that I do not pay into, I just pop into the building society every year to get the interest written in the book.

debbie42

One thing to look out for is that old ISAs don't always have competitive rates. The banks rely on people's apathy to not bother transferring or upgrading.

whu

as has been said above - you can just leave it and get interest but i agree with Debbie - make sure you are getting the best rate - if not consider transferring to a better paying ISA