Educate me on an ISA

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Bod ... said:
I'd Have a Datsun 260Z if I could afford a garage to put it in.
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A friend of mine has a 280Z. Has been doing a full bare metal restoration and full engine rebuild on and off for the last 22 years! Finally had it all painted and fitted up last week and going for MOT next week. He reckons that his is the only one in the U.K. and there are only 3 of them left in Europe. He could be telling porkies though…..
 
Mottie said:
It’s just a bank account. Open it in your name, get your customers to pay you and pay your bills from that. Once opened, you can open the savings account that pays 4.1% and move money between the two instantly.
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Marcus Goldman Sachs are paying me 4.75%, and I can instantly transfer it out to another account if needed.
 
Not Sure of 240s 260s or 280s .... but there where tons of em in Australia
 
Bod ... said:
How do you work that out?. It's beyond my mathematics.
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Well, if you put £400 in per month, you will have put in £4,800 at the end of the year. You don’t get 6.25% on that whole amount for 12 months. That’s what they want you to think. You'll get 6.25% on the first £400 for a year, 6.25% on £800 plus the interest from month one for 11 months, 6.25% on £1200 plus the accrued interest from Month one and two for 10 months etc etc. At the end of the year you’ll end up with a lot less than 6.25% on your savings for the whole year.

The first £400 is the only amount you will get a true 6.25% on.
 
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