Help to Buy ISA - No Monthly Limit??

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  • tain
    tain Posts: 711 Forumite
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    jimjames wrote: »
    I'm not sure what you're trying to get at but the wording seems very clear to me. There is a monthly limit but no limit on the number of months you can save for.

    They might be doing you a favour with cash ISA rates so low. If it's really important to you, you can use an ISA from Nationwide as already mentioned. You can also use the remaining allowance for a S&S ISA.



    So there is a limit to monies put in...... except for Nationwide? The rules don't apply to them?


    Forgive me if I'm getting this wrong, but that very sentence kind of proves my point.
  • tain
    tain Posts: 711 Forumite
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    Again let me reiterate here. I know exactly what everyone else does regarding HTB ISAs. I've read the same websites and info as you guys, so please stop just rehashing like I don't understand.


    I'm very specifically talking about the Virgin Money website that is using phrases and statements that seem to contradict what we currently understand. I'm just trying to hash that out and find out if they're being idiots with their wording, or if there is more to it. It's quite important if there is more to it.
  • eskbanker
    eskbanker Posts: 30,995 Forumite
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    tain wrote: »
    So there is a limit to monies put in...... except for Nationwide? The rules don't apply to them?

    Forgive me if I'm getting this wrong, but that very sentence kind of proves my point.
    No, the monthly limit of £200 into an HTB ISA is the same for all providers.

    Nationwide's difference from the rest is that they offer subscribers the option of multiple concurrent cash ISAs in any tax year, which they've done for a number of years, independently of the new HTB scheme. So, an HTB ISA holder with Nationwide can have another cash ISA with Nationwide but would still be subject to the same monthly limit of £200 (except first month) in their implementation of the HTB one.
  • jimjames
    jimjames Posts: 17,611 Forumite
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    edited 27 November 2015 at 3:07PM
    tain wrote: »
    So there is a limit to monies put in...... except for Nationwide? The rules don't apply to them?
    Forgive me if I'm getting this wrong, but that very sentence kind of proves my point.
    No, the limits are the same as already stated. ISA limits are set by the govt.

    Nationwide allow multiple cash ISAs to be held for the same year so it may be possible (with them) to fill the HTB with £200 per month and the remaining allowance in another cash ISA with them. But it's unlikely their non HTB ISA would be as good as the rates you can get outside an ISA. Virgin don't appear to be the same as Nationwide:
    This is a Cash ISA, so you can’t add money to a Help to Buy: ISA and a normal Cash ISA in the same tax year.

    Having read the Virgin page you linked, I really can't see the issue, their T&Cs seem very clear if you read ALL of them rather than trying to pick different ones in isolation.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • eskbanker
    eskbanker Posts: 30,995 Forumite
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    tain wrote: »
    Again let me reiterate here. I know exactly what everyone else does regarding HTB ISAs. I've read the same websites and info as you guys, so please stop just rehashing like I don't understand.

    I'm very specifically talking about the Virgin Money website that is using phrases and statements that seem to contradict what we currently understand. I'm just trying to hash that out and find out if they're being idiots with their wording, or if there is more to it. It's quite important if there is more to it.
    Since multiple posters on here have confirmed that you're misinterpreting Virgin's wording but you resolutely refuse to believe anyone, why not contact Virgin and put your interpretation to them and see what they say?
  • tain
    tain Posts: 711 Forumite
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    eskbanker wrote: »
    Since multiple posters on here have confirmed that you're misinterpreting Virgin's wording but you resolutely refuse to believe anyone, why not contact Virgin and put your interpretation to them and see what they say?



    Believe? I'm simply saying your reasoning is poor. I don't care what other information you're all using as proof - I'm looking at their wording and saying it doesn't make sense. You're looking at their wording and saying 'I know better so they must have meant this...'.
  • jimjames
    jimjames Posts: 17,611 Forumite
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    tain wrote: »
    Believe? I'm simply saying your reasoning is poor. I don't care what other information you're all using as proof - I'm looking at their wording and saying it doesn't make sense. You're looking at their wording and saying 'I know better so they must have meant this...'.
    As above:Having read the Virgin page you linked, I really can't see the issue, their T&Cs seem very clear if you read ALL of them rather than trying to pick different ones in isolation. No need to interpret and "they might have meant", just read the words. All of them, together.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • tain
    tain Posts: 711 Forumite
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    eskbanker wrote: »
    No, the monthly limit of £200 into an HTB ISA is the same for all providers.

    Nationwide's difference from the rest is that they offer subscribers the option of multiple concurrent cash ISAs in any tax year, which they've done for a number of years, independently of the new HTB scheme. So, an HTB ISA holder with Nationwide can have another cash ISA with Nationwide but would still be subject to the same monthly limit of £200 (except first month) in their implementation of the HTB one.



    That's not what the Virgin Money quote says though is it. If that's what they meant, then why wouldn't they say that?


    If it was the same £200 limit, then they would very clearly say that. They didn't - they made the clear differentiation that you have no maximum, except in the bonus. Very very clearly says that. No maximum, except the bonus. Nothing about number of years, nothing about dual ISAs. No maximum. Their words not mine.
  • tain
    tain Posts: 711 Forumite
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    jimjames wrote: »
    As above:Having read the Virgin page you linked, I really can't see the issue, their T&Cs seem very clear if you read ALL of them rather than trying to pick different ones in isolation. No need to interpret and "they might have meant", just read the words. All of them, together.



    T&Cs for a product that doesn't exist yet? Where are they? I'll happily give them a look.
  • colsten
    colsten Posts: 17,597 Forumite
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    tain wrote: »
    So there is a limit to monies put in...... except for Nationwide? The rules don't apply to them?


    Forgive me if I'm getting this wrong, but that very sentence kind of proves my point.

    You seem to have a particular problem with reading and/or understanding what is written.

    Nobody ever said that you can pay more than £200 a month (£1,200 in the first) into a Nationwide HTB ISA.
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