I'm sorry if this is a duplicate, I tried to search for similar questions but I'm not sure what the correct terminology is!
I've been curious about an ISA for some time now and it seems that they are mostly a waste of time. Using comparison websites I have determined the expected pay-out for a single year to be rather pathetic.
If I open and fill an ISA, then leave the account alone for an entire year, will I then be able to add an additional £[Insert ISA limit here] to the original money I put in the account? Will the full sum of £[Last years limit] + £[This years limit] that is in the account have interest paid on it?
Will the account be closed at the end of the period regardless?
The only way I can see an ISA being of any worth is by building up a substantial amount this way, but you would need so much cash laying around to max the ISA year on year.