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isa advice /help

timeslob Avatar
6y, 7m agoPosted 6 years, 7 months ago
right opened a isa account with barclays at the start of the fiscal year. Put in £5100 at the stated rate of 3.10% ( barclays goldern isa -issue 2 )

so my calulations were 3.10% interest on 5100 would be £158,
£158/12=£13.16 per month interest.
but for my first month its only £9.87 ( 3rd april-3rd may )
that make the interest rate near 2.2% , so why advertise 3.10%

or am i missing somthing.

as you may have guessed im new to isas.
timeslob Avatar
6y, 7m agoPosted 6 years, 7 months ago
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Comments/page:
#1
The interest will increase month on month and by the end of the year you will earn the 3.1% £158
banned#2
something to do with compound interest but by the end of the period you should earn the stated amount
#3
It is 3.1% AER. As a previous poster said the interest compounds so you will get less than £13 a month at the start and more than £13 a month towards the end of the year - total interest over the full year will average out at 3.1%.
#4
You would probably have been slightly better off taking annual interest.

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