ChatterBank3 mins ago
Interest payable on ISA
3 Answers
3 questions about an ISA that I hold as I am a bit confused over the rules. The balance currently stands at �6000 (�3k invested last tax year, �3k for current tax year).
1) Is interest accrued on what I pay in for THIS tax year only or is it accrued on the full amount invested?
2) As I have reached the limited for this tax year, will the interest have to be paid into an alternative account or can it be paid into the ISA?
3) Finally, do I accrue interest only on the amount invested, or if interest is paid in monthly, will I accrue interest on the investment + interest i.e. will the interest be the same each month or will be increase incremently?
1) Is interest accrued on what I pay in for THIS tax year only or is it accrued on the full amount invested?
2) As I have reached the limited for this tax year, will the interest have to be paid into an alternative account or can it be paid into the ISA?
3) Finally, do I accrue interest only on the amount invested, or if interest is paid in monthly, will I accrue interest on the investment + interest i.e. will the interest be the same each month or will be increase incremently?
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