ISA help

helpimcrap · 3 Apr 2009 at 21:50

erm ok, this is a bit odd I admit but wheres best to save?

my ISA gave me £6. whoopey do.......... on £2100 i was expecting about £20.

Are ISA's really this worthless?

Am I doing something wrong?

Immsy · 3 Apr 2009 at 22:10

Was that £2100 there for the whole tax year?

Energize · 3 Apr 2009 at 22:11

£2,100 should have yielded more like £100, sounds like you have a crappy account.

helpimcrap · 3 Apr 2009 at 22:12

Immsy said:
Was that £2100 there for the whole tax year?

about 4 months i think.

Energize · 3 Apr 2009 at 22:14

helpimcrap said:
about 4 months i think.

Kind of crucial information there...

Phil99 · 3 Apr 2009 at 22:14

Energize said:
£2,100 should have yielded more like £100, sounds like you have a crappy account.

Where can you get an ISA that still pays out 5%? (genuine question, after one at the moment)

edit: maybe not that unrealistic, base rate has only been low for the last 6 months, over the whole year I guess that's a realistic figure considering some are still about 2% now.

Immsy · 3 Apr 2009 at 22:15

Yes the interest is accumulated daily so if its only been there for 4 months, especially when the rates are so poor, would explain why its only £6.

Energize · 3 Apr 2009 at 22:17

Phil99 said:
Where can you get an ISA that still pays out 5%? (genuine question, after one at the moment)

There aren't any as far as I'm aware, 3.61% is the highest I think.

helpimcrap · 3 Apr 2009 at 22:17

Energize said:
Kind of crucial information there...

I have zero banking experience with ISA's, interest etc. So is it supposed to be kept in on a yeary thing? I was told i'd get paid interest once a year on the 1st april but wasnt told it had to be in there all year. only that the interest depends on the amount in the account on the day.

helpimcrap · 3 Apr 2009 at 22:18

Immsy said:
Yes the interest is accumulated daily so if its only been there for 4 months, especially when the rates are so poor, would explain why its only £6.

ah right. my account interest was only 0.08% thats why i set the ISA up lol.

Immsy · 3 Apr 2009 at 22:18

To get the most interest, it has to be put in on day 1 and left there untouched for the whole year. If you bang in the whole 3600 on the last day you will get practically nothing.

helpimcrap · 3 Apr 2009 at 22:20

Immsy said:
To get the most interest, it has to be put in on day 1 and left there untouched for the whole year. If you bang in the whole 3600 on the last day you will get practically nothing.

got ya. they didn't tell me that lol. but i didn't think to ask them as i got told it only happens once a year. hmmmmmmm.

stoofa · 4 Apr 2009 at 14:36

helpimcrap said:
got ya. they didn't tell me that lol. but i didn't think to ask them as i got told it only happens once a year. hmmmmmmm.

You didn't honestly think you could dump a load of money in an ISA right near the end of a financial year and then reap the benefits as if it had been there for the whole financial year?

Mirage · 4 Apr 2009 at 14:50

LOL, thanks for this

crazyDAJT · 4 Apr 2009 at 15:21

i get more form my instant access savings account with natwest. they gave me a 2.5% bonus for 1 year, just got in before that decreased that to a 1% bonus. and this is after Tax

unless you can find a relay good one there not that good anymore.

helpimcrap · 4 Apr 2009 at 16:00

stoofa said:
You didn't honestly think you could dump a load of money in an ISA right near the end of a financial year and then reap the benefits as if it had been there for the whole financial year?

being economically stupid i didn't know what to expect as i had no idea what times it was taken from. all i knew is on 1st april you get a set interest fee in that if you put it in on the 1st of the year or day before it didn't matter. it was down to the amount in the isa.

helpimcrap · 4 Apr 2009 at 16:01

crazyDAJT said:
i get more form my instant access savings account with natwest. they gave me a 2.5% bonus for 1 year, just got in before that decreased that to a 1% bonus. and this is after Tax

unless you can find a relay good one there not that good anymore.

isa's or savings?

crazyDAJT · 4 Apr 2009 at 16:37

helpimcrap said:
isa's or savings?

I get more form my savings account than my ISA (after tax on the saving account). thats only because of the bonus for 1 year.

Johnny Girth · 4 Apr 2009 at 17:44

One of my ISA's pays 7.9 and the other 9.5%.

They're corporate bond ISAs though. My FTSE tracker ISA is already up 15%

Brum Man · 4 Apr 2009 at 18:47

Johnny Girth said:
They're corporate bond ISAs though. My FTSE tracker ISA is already up 15%

In that case they don't pay you the stated rates as they are stocks and shares ISAs and therefore they could easily give negative returns depending on what happens to the price of bonds. They may yield those amounts but that is different to paying you the respective interest rates.

Same with your tracker fund.