ISA help

[helpimcrap]

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?

 

[helpimcrap]

Was that £2100 there for the whole tax year?

about 4 months i think.

 

[helpimcrap]

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]

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.

 

[helpimcrap]

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.

 

[helpimcrap]

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]

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?