isa advice /help - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HUKD, you accept our cookie and privacy policy.
Get the HUKD app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

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

All Comments

(4) Jump to unreadPost a comment
The interest will increase month on month and by the end of the year you will earn the 3.1% £158
something to do with compound interest but by the end of the period you should earn the stated amount
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%.
You would probably have been slightly better off taking annual interest.

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!