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11 April 2010

Signed up to ISA on 25th March

I signed up for my *first* ISA on the 25th of March, depositing £1,500 before the 1st of April. My questions are a) Do I leave my cash in the ISA forever incurring interest despite it being extremely low? £46.5, if the interest rate is 3.1%. b) Can I still deposit cash in my ISA since I haven't yet reached the £3,600 limit for the 2009/2010 year? Or is it too late since we're are in a new tax year? c) Since the new tax year has arrived do I just signup for a new ISA at Barclays and leave my previous ISA untouched? d) Does interest get compounded in an ISA? That is, is the monthly interest I receive used to further fund the ISA?

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