Isas

[robunibumuk]

If invested �3000 on the last day of the financial year and took it back out again the 1st day of the new financial year, how much money would I get through the interest? Thanks

[Ethel]

Let us assume an excellent interest rate of 10% (highly unlikely)

Interest on �3000 for 12 months = �300.

Divide by 365 = �0.82 per day. Less tax (25%) = 61.6p.

At 5% (more likely) - 30.5 pence after tax.

[Ethel]

Spot the deliberate (ha) mistake in my previous answer.

NO tax payable in ISAs so at 10% - 82p, and 5% 41p.

[lukey121]

Why would you do that? I take you are joking.

[dzug]

You might get none if the T&C said no interest on the days of deposit and withdrawal.
And if it was a stocks and shares ISA you lose on the buy/sell spread and dealing fees even if the price remained the same.