Question on NS&I 1.5% AER ISA

A question about : Question on NS&I 1.5% AER ISA

I'm looking to move the maximum allowance of 15K in to the NS&I 1.5% AER ISA over the next week, but I have a number of questions about this. For people who missed it, I'm new to the UK, so very unfamiliar with ISA's.
If transfer the money at the end of January. Will I still receive interest for 2014?
Can I still move 15K in for 2014 before end of February and add another 15K in March?
I'm considering buying a property in 2015. If I'm not mistaken, this account will allow me to withdray the full amount if need be. But does this mean I lose out on all the interest as it states the payout is annually on 5 april?
If for some reason I don't purchase a property and interest rates change, can I transfer this amount to a different ISA next year and add next year's ISA allowance on top of that? Or does this type of ISA not allow me to grow my ISA amount year on year?
Thanks!

Best answers:

• As you expect to need the money later this year, there are probably much better places than cash ISAs - provided you manage to open current accounts.
  https://www.moneysavingexpert.com/sav...vings-loophole
  On a general note: you need to distinguish between how interest gets calculated and when it gets paid. This applies to all accounts that pay interest, ISA or not.
• Interest gets calculated daily, based on the balance in the account. At the risk of insulting your intelligence but to be sure it's clear: you do not get interest for money you do not have in the account, or for days your money isn't in the account.
• Interest gets normally paid monthly or annually, depends on the T&Cs of the account. If you have a fixed term account and withdraw/close it early (should that be an option), interest will still be as calculated up to the date of closure/withdrawal but a penalty higher than the accrued interest may be due - again, this is defined in the T&Cs.
• Thanks Archi Bald. I've already opened an additional current account, but I don't want to deal with the hassle of opening and managing too many.
  I'm still pretty young and have only recently started actively dealing with my savings. So it's all new to me.
  So if I leave the money in the account for let's say 4 months and then withdraw it all, then on April 5th 2016 I will receive the interest for the days it was in there?
  The account says there is no penalty, so I assume this is correct.
• It's the standard "disclaimer" everyone is putting forward, and some caution is indeed advisable. But searches do drop off / become less relevant after a relatively short time, and are a lot less critical than the amount of available credit you have to your name. In other words, as long as you do not request overdrafts with current accounts, the impact of a current account application on your creditworthiness is most likely negligable.
  My own experience is that I have often applied for several current accounts in the same month or even week, and still also could successfully apply for a couple of credit cards within a couple of months. I don't have any experience with applying for a mortgage though - but you could always ask your prospective mortgage provider whether they would hold it against you if you opened several current accounts for savings. Note you wouldn't need more than three or four 3%, 4% and 5% AER accounts for Ј30K.
  I shall leave you to it.
• Thanks Archi Bald. It's good advise to check with my mortgage provider. I don't have one yet, but I could ask any I guess. I'll likely do that.
  Do you (or anyone else) by any chance have an answer to questions #4:
• If for some reason I don't purchase a property and interest rates change, can I transfer this amount to a different ISA next year and add next year's ISA allowance on top of that? Or does this type of ISA not allow me to grow my ISA amount year on year?
• TBH, I never look at the "Day 1 to Day 9" suggestions by MSE as they are way too complicated and long-winded.
  You can transfer the money in and out on the same day, or even in the same minute. There's lots of discussion about moving money on the savings and the bank accounts board, in the threads that discuss the interest-paying accounts.