Jas
Member
Registered: 13th Oct 04
Location: Mid Wales
User status: Offline
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Explain.. I'm actually clueless
How often do they pay interest etc
Loyalty Reward ISA
Barclays customers get a better rate for longer with the Loyalty Reward ISA.
Remember, the tax year ends on 5 April 2012.
Loyalty Reward ISA is available to customers with either a Barclays current account or £500+ saved with Barclays.
3.05% AER 1 / 3.01% tax-free pa 2 (variable), including a 12-month fixed bonus of 1.00% tax free pa 3
Guaranteed to track at 2.51% above the base rate for 12 months and then continue to track at 1.51% above the base rate until March 2014 4
Open from £1
Instant access to your savings
Barclays current account customers can manage their accounts online or by phone. Branch access also available
Earn tax-free interest on your savings
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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I was going to go with that ISA as I'm with Barclays but I decided on Virgin/Northern Rock instead as they pay a higher interest rate.
Barclays ISA interest is paid annually I believe, Virgin you can choose monthly or annually depending on what ISA you take out with them.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Santander seem to offer the best ISA at the moment.
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Jas
Member
Registered: 13th Oct 04
Location: Mid Wales
User status: Offline
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Ok from the above..
If I had £1000 in there how much interest would it earn?
Sorry for sounding so stupid
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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quote:
Originally posted by Jas
Ok from the above..
If I had £1000 in there how much interest would it earn?
Sorry for sounding so stupid
The problem is the interest is variable - i.e. tracks with rate of inflation or whatever. You can get some fixed ISAs, there's loads of different options to choose from if you look on Money Saving Expert or Money Supermarket sites.
If for argument's sake your ISA had a fixed 3% interest rate then you I guess you would earn 3% of £1k = £30?
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Jas
Member
Registered: 13th Oct 04
Location: Mid Wales
User status: Offline
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Thank you,
nothing major then but I need to put some cash aside, Did look at a 12 month Fixed bond but they're only 2%
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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ISA is best as it's tax free.
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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plus its dependent upon how long its in the account; it doesn't just pay X% on the amount in there at the end of the tax year, so if you put in equal amounts per month, expect only 50% of the interest that you would get if you'd put it all in, in one go at the start of the year
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