Cash ISA's how do you work out how much you will get at the end of the tax year ?

Question

Hi, I opened and cash ISA last year and Im confused on how its worked out and how much I will get at the end of the year. Is there a way you can work it out, using the amount you put in and the Interest rate. I put the full 3,000 in and the interest rate was around 4.23% so please can you tell me how much or how to work it out how much interest I will of earned this April

Thanks

Answer 1

investment x interest rate then divide by 100

3000 x 4.23 / 100 = £126.90

assuming the full 3000 was in for the whole year

Answer 2

i think your interest rate will have changed now i opened my isa at 4.55 or something similar but it has now gone upto 5.69ish, you will get a statement at the end of the year saying what interest you have recieved so if you are asking this because you need to fill in the form for tax credits or something similar you can just estimate the amount then notify them the correct amount when you recieve your annual statement

Answer 3

Was it fixed rate?
4.23% seems very low for an ISA, as they're now paying 6%+.

Answer 4

For every £100 you have in you will get £4.23p added, so for a £1000 you will £42.33p, so you should get £126.99p in interest.......OK.... (",)...I think that is correct, but I am no mathematician.