MSE News: Help to Buy ISA rates begin to be unveiled

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  • tripled
    tripled Posts: 2,879 Forumite
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    AndyTh wrote: »
    Of course I expect Halifax's 4% to only last for a period, and to not allow transfers.

    It seems that transfers are allowed.

    From http://static.halifax.co.uk/assets/pdf/isas/pdf/cash-isa-account-conditions.pdf
    If you’re transferring from Halifax, please remember [...]
    Particular rules apply if you want to transfer a Help to Buy: ISA. Please see the Help to Buy: ISA section.
    Transferring a Help to Buy: ISA:
    • If you transfer the whole of your Help to
    Buy: ISA to another Help to Buy: ISA, you
    can still save in the Government’s help to
    buy scheme.
    • If you transfer the whole of your Help to Buy:
    ISA to a non Help to Buy: ISA, this will mean
    you have told us you want to close your
    Help to Buy: ISA. We will tell the scheme
    administrator, and send you your Help to
    Buy: ISA Closing Documents. Your Eligible
    Conveyancer can then claim your bonus.
    • If you transfer all or part of your previous
    years Help to Buy: ISA savings to a non Help
    to Buy: ISA, but you keep your Help to Buy:
    ISA with some savings in it, your Help to
    Buy: ISA will continue. However you will not
    be able to claim any help to buy bonus for
    the savings you transfer.
  • Former_MSE_Helen
    Former_MSE_Helen Posts: 2,382 Forumite
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    First-time buyers will be able to save into one of the Government's Help to Buy ISAs from today...
    Read the full story:

    Help to Buy ISAs now available for first-time buyers

    OfficialStamp.gif

    You might also find our fully researched Help to Buy ISA guide helpful.


    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
  • physicsgirl
    physicsgirl Posts: 126 Forumite
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    tripled wrote: »
    It seems that transfers are allowed.

    From http://static.halifax.co.uk/assets/pdf/isas/pdf/cash-isa-account-conditions.pdf

    It doesn't seem to be previous cash ISAs that you can transfer into it though, only previous HtB ISAs (which you couldn't have had before today anyway) unless I'm reading it wrong?
    November GC: £50.55/£130. October GC: £72.60/£150
    September GC: £131.27/£170. July GC: £62.48/£80. May GC: £135.00/£150
    April GC: £201.91/£140. March GC: £194.98/£200. January GC: £111.41/£200.
    December GC: £67.45/£80. Nov GC: £159.32/£220. October GC: £208.07/£250.
  • epm-84
    epm-84 Posts: 2,723 Forumite
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    I've noticed Halifax say they can reduce interest at 14 days notice on the other hand Virgin Money say 2 months notice.

    Also a question I've not subscribed to a Cash ISA this year so can I open a Help2Buy ISA and transfer an existing Cash ISA with previous tax year subscriptions to a better paying Cash ISA account without opening one of the combined offerings the likes of Nationwide and Natwest are doing.
  • colsten
    colsten Posts: 17,597 Forumite
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    epm-84 wrote: »

    Also a question I've not subscribed to a Cash ISA this year so can I open a Help2Buy ISA and transfer an existing Cash ISA with previous tax year subscriptions to a better paying Cash ISA account without opening one of the combined offerings the likes of Nationwide and Natwest are doing.
    Yes you can, as long as you are using the formal ISA transfer process and as long as you do not pay any new money into that ISA.

    However, why anyone would want a normal cash ISA when you can get much better interest in non-ISA accounts is a mystery to me.
  • TheNewGuy_2
    TheNewGuy_2 Posts: 74 Forumite
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    So just to confirm Halifax won't alter the 4% rate for four years, thanks?
  • tain
    tain Posts: 711 Forumite
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    TheNewGuy wrote: »
    So just to confirm Halifax won't alter the 4% rate for four years, thanks?



    No - they most likely WILL alter the rate. It's variable, plus has clauses that it can change with just 14 days notice. I'd be surprised if it didn't change.


    However from what I can see, most of the others are also variable. 4% variable is better than anything lower variable.
  • FreakShow!
    FreakShow! Posts: 30 Forumite
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    Rather than create a new thread, I'll tack my question here.

    I have an ISA with the post office (almost the full ISA amount I could) that I opened last year. I want to open one of these H2B ISAs for this tax year. So I can do that, but can someone explain what I can do with last years ISA? Can I transfer the full amount and get 4% on that too?

    Reading the Halifax website seems to suggest that I can only transfer up the allowable limit (i.e. the £1000), but that would be of new ISA money surely, not stuff already in an ISA?
  • epm-84
    epm-84 Posts: 2,723 Forumite
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    FreakShow! wrote: »
    Rather than create a new thread, I'll tack my question here.

    I have an ISA with the post office (almost the full ISA amount I could) that I opened last year. I want to open one of these H2B ISAs for this tax year. So I can do that, but can someone explain what I can do with last years ISA? Can I transfer the full amount and get 4% on that too?

    Reading the Halifax website seems to suggest that I can only transfer up the allowable limit (i.e. the £1000), but that would be of new ISA money surely, not stuff already in an ISA?

    The maximum you can put in to a Help2Buy ISA in the first month is £1200.

    I've not read the Halifax terms in full so I'm not sure if they allow a partial transfer from an existing ISA. If you have more than £1200 in your existing ISA and a partial transfer is not allowed then you'd either have to withdrawn £1200 from your existing ISA or open a combi-ISA from another provider like Nationwide.
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
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    epm-84 wrote: »

    Also a question I've not subscribed to a Cash ISA this year so can I open a Help2Buy ISA and transfer an existing Cash ISA with previous tax year subscriptions to a better paying Cash ISA account without opening one of the combined offerings the likes of Nationwide and Natwest are doing.

    Yes.

    The only benefit of Natwest, NW, Aldermore and Newcastles products is that you can also add funds in 2015-16 to a cash isa as well as their HTB isa. After of course you have exhausted any current accounts/regular savers paying more than 2% plus your income tax rate as colsten will tell you allowing for the £1k free allowance (£500 for higher rate taxpayers) starting in April!:D
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