HI All,
Hope youâre 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?
Thanks
You didnât 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, theyâll work out the interest due on cash in your ISA first and pay that interest there, and youâll receive it within the ISA as a return on investment (just like a cash ISA). If you have less than ÂŁ4,000 in the ISA, youâll also get interest on the additional cash you hold in the GIA up to the total ÂŁ4,000 limit. But they canât pay interest that was generated in the GIA into the ISA, that interest goes into the GIA.
Hey FTT
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
Kelv