ISA's and Interest

[Yates]

Right, been talkin to Leckie and its buggin me now and I cant be arsed to try and work it all out, its not hard to work out just cant be arsed, it seems so simple but its been a long day!

ISA -

4.6% at Abbey National - thats where i currently have mine

but

5.0% at Bradford and Bingley - where im thinking of going

So, the limit is up to 3000 a year

The question is...How much more money will i get from interest from .4%? If it was based on having 3000 in each account?

And Also

How much interest would i get in the year based on 5% of 3k

Rep for answers!

[Clouds_mate]

i will give rep for this too

[potatopete]

Quite simple.....give me a sec!!!

[kcsaxo]

£12 difference

4.6% - 138
5.0% - 150

[Clouds_mate]

pow. Well worth it matt lol

[bullit]

12 pound difference

[Clouds_mate]

do you only get the full 4.5 if you reach the 3k a year? do you need the 3k inthe bank for the head of the year or reach 3k over the year?

[kcsaxo]

thats two days fuel!

[kcsaxo]

as long as you have 3K in the bakn you get the full amount.

[Luke]

If it was based on having 3000 in each account?



When you say each account mate, are you thinking of opening two or something? or you mean each account as in you and Leckie both having one each?

It's only possible to one ISA thats all..

[potatopete]

4.6% of £3000 is 138 per year interest.
5% of £3000 is 150 per year interest.

If I'm wrong, let me know but I think that's right.

Difference of £12 interest per year.

(Rep, pretty please???!)

[Clouds_mate]

4.6% of £3000 is 138 per year interest.
5% of £3000 is 150 per year interest.

If I'm wrong, let me know but I think that's right.

Difference of £12 interest per year.

(Rep, pretty please???!)




Welcome to 10mins ago ;)

[potatopete]

The max investment in an ISA is £3000. I think you get the same interest rate whatever amount is in it, but you can't go over the max amount in any one financial year.

[potatopete]

Welcome to 10mins ago ;)

Yeah, cheers Leckie.......git!
The calc on my phone is a bit crap!

[Yates]

When you say each account mate, are you thinking of opening two or something? or you mean each account as in you and Leckie both having one each?

It's only possible to one ISA thats all..

Yeah i know you can only have 1 mate

What i was saying is based on if both had 3k on so i could see difference in interest

Its 12 quid more for no reason, altho i may change to barclays so that all my accounts are in one place...

cheers for help

il get 3k whacked into Barclays sometime this week or next :thumbup:

[kcsaxo]

barclay is crap man, anytime chance they get to tax you they will! lloyds are up their own arses too.

[Yates]

ISAs are tax free tho arent they?

Never had a problem with them in 4 years of being with them...

[Gav]

here is what you can get from yorkshire bank. and yes you can go over 3000. YB go over 15000. http://www.ybonline.co.uk/0,,38861,00.html

[potatopete]

lloyds are up their own arses too.

Aren't most banks these days???!

[Yates]

Thought there was a limit on 3k on all ISA's

are those just savers accounts or ISAs?

[Gav]

second section down is cash isa. if thats the same as the one you have.

[barrett]

there are mini and maxi isa's and thats the difference in the amount of money you can put in them.

to work out the interest for future reference you divide the interest by 100

5.0/100 = 0.05

then multiply that by the amount of money you want to get the interest on.

0.05 * 3000 = £150

There you go boys, will be able to sort yourselves out for future reference.

Mike

[kcsaxo]

the 3k isa is the max you can go as its the limit set by the government to allow tax free savings, may go for one when i can find 3k!