Hope you’re all well.
Why have I received an Interest payment into my GIA?
I know the ISA Plus accounts accrue interest but surely that would be paid into my ISA and not my GIA, no?
You didn’t say how much cash you had in your GIA and your ISA, but if all your cash is in your GIA, then all the interest will go to the GIA. Could that be the reason?
According to their blog, they’ll work out the interest due on cash in your ISA first and pay that interest there, and you’ll receive it within the ISA as a return on investment (just like a cash ISA). If you have less than £4,000 in the ISA, you’ll also get interest on the additional cash you hold in the GIA up to the total £4,000 limit. But they can’t pay interest that was generated in the GIA into the ISA, that interest goes into the GIA.
Thanks, that makes sense now. I had the GIA open before the ISA and did have a little cash in there, so it must be for that period prior to the ISA being funded.
Keep it Green