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  • FIRST POST
    • GreyPilgrim
    • By GreyPilgrim 16th Sep 16, 11:22 AM
    • 1,567Posts
    • 4,593Thanks
    GreyPilgrim
    Halifax Help To Buy Isa - quick question
    • #1
    • 16th Sep 16, 11:22 AM
    Halifax Help To Buy Isa - quick question 16th Sep 16 at 11:22 AM
    Sure this has been asked before but is there any thing stopping me using this as a an ordinary ISA?

    We had planned to buy a house in about two years time, so we thought the HTB 25% bonus Isa was a no brainer.

    However we'd only got two months (£1,200) into it when the plans changed and we went ahead and bought the house with the cash we had already saved. We hadn't reached the threshold to qualify for the bonus so we just left the cash in there.

    Is there anything stopping us from just carrying on paying in the £200 a month into the ISA? Obviously we can't take advantage of the 25% bonus now, but the 4% rate doesn't seem that bad. We are already taking advantage of a couple of other High interest accounts (First direct regular savers, Lloyds, etc) for remaining savings...
Page 1
    • YorkshireBoy
    • By YorkshireBoy 16th Sep 16, 11:42 AM
    • 27,876 Posts
    • 15,753 Thanks
    YorkshireBoy
    • #2
    • 16th Sep 16, 11:42 AM
    • #2
    • 16th Sep 16, 11:42 AM
    Is your account still paying 4% AER?
    • GreyPilgrim
    • By GreyPilgrim 16th Sep 16, 12:51 PM
    • 1,567 Posts
    • 4,593 Thanks
    GreyPilgrim
    • #3
    • 16th Sep 16, 12:51 PM
    • #3
    • 16th Sep 16, 12:51 PM
    Had me worried there


    Yeah, just logged in and it's showing as 4%
    • jimjames
    • By jimjames 16th Sep 16, 1:06 PM
    • 10,435 Posts
    • 8,424 Thanks
    jimjames
    • #4
    • 16th Sep 16, 1:06 PM
    • #4
    • 16th Sep 16, 1:06 PM
    Is there a declaration you need to make at any point to say you are still a first time buyer? Obviously you were when you opened the account so that's not an issue but if you need to do so each year you wouldn't then qualify.


    Are you also using the regular savers that pay up to 6%?
    Remember the saying: if it looks too good to be true it almost certainly is.
    • GreyPilgrim
    • By GreyPilgrim 16th Sep 16, 2:30 PM
    • 1,567 Posts
    • 4,593 Thanks
    GreyPilgrim
    • #5
    • 16th Sep 16, 2:30 PM
    • #5
    • 16th Sep 16, 2:30 PM
    Yeah, we've got two regular savers, and the lloyds 5% account.

    Might give then a call to clarify...
    • Westie983
    • By Westie983 16th Sep 16, 10:32 PM
    • 3,000 Posts
    • 11,969 Thanks
    Westie983
    • #6
    • 16th Sep 16, 10:32 PM
    • #6
    • 16th Sep 16, 10:32 PM
    No nothing to stop you keeping the account, on closure you just send the funds to your bank account as you are given three pieces of paper, one for the bank to keep, one for you, and one for the solicitor.. no questions asked on closure.
    Save 12k in 2016 #16 Total £12350/£12000 = 102.91%
    Sealed Pot Challenge ~ 9 #97 Total £250/£250 = 100.00% ( from Sue x 8)
    Xmas 2016 £1 a Day #6 Total £400/£366 = 109.28%
    Virtual Sealed Pot #1 Total £500/£800 = 62.50%

    £2 Savers Club 2016 #104 Total (£1060)+£380/£2000 = 72.00%
    Total £14940/£15416 = 96.91%
    • YorkshireBoy
    • By YorkshireBoy 16th Sep 16, 10:40 PM
    • 27,876 Posts
    • 15,753 Thanks
    YorkshireBoy
    • #7
    • 16th Sep 16, 10:40 PM
    • #7
    • 16th Sep 16, 10:40 PM
    Yeah, we've got two regular savers
    Originally posted by GreyPilgrim
    There are 8 available (between the both of you) paying 5-6% AER, and taking a total of £2,600 a month. Why settle for 4% on £200 a month (each)?
    and the lloyds 5% account.
    Which one is that?
    Last edited by YorkshireBoy; 16-09-2016 at 10:50 PM.
    • GreyPilgrim
    • By GreyPilgrim 19th Sep 16, 3:01 PM
    • 1,567 Posts
    • 4,593 Thanks
    GreyPilgrim
    • #8
    • 19th Sep 16, 3:01 PM
    • #8
    • 19th Sep 16, 3:01 PM
    There are 8 available (between the both of you) paying 5-6% AER, and taking a total of £2,600 a month. Why settle for 4% on £200 a month (each)?Which one is that?
    Originally posted by YorkshireBoy
    Not lloyds. Where did I get lloyds from? Meant TSB.
    • Lingua
    • By Lingua 19th Sep 16, 6:02 PM
    • 76 Posts
    • 88 Thanks
    Lingua
    • #9
    • 19th Sep 16, 6:02 PM
    • #9
    • 19th Sep 16, 6:02 PM
    If you are with Halifax, the 4% rate will drop to the normal rate (2% I believe) once you have had the account for 12 mnths.
    Long-Term Goal: £6'460 / £40'000 mortgage downpayment (2019)
    • Westie983
    • By Westie983 20th Sep 16, 3:05 AM
    • 3,000 Posts
    • 11,969 Thanks
    Westie983
    If you are with Halifax, the 4% rate will drop to the normal rate (2% I believe) once you have had the account for 12 mnths.
    Originally posted by Lingua
    Not heard this news, but will check if anything is mentioned on the internal systems,

    Customers will need to have 30 days notice of any rate change, so as the account was first offered in December, still got a few months to go, if the information is correct of course.
    Save 12k in 2016 #16 Total £12350/£12000 = 102.91%
    Sealed Pot Challenge ~ 9 #97 Total £250/£250 = 100.00% ( from Sue x 8)
    Xmas 2016 £1 a Day #6 Total £400/£366 = 109.28%
    Virtual Sealed Pot #1 Total £500/£800 = 62.50%

    £2 Savers Club 2016 #104 Total (£1060)+£380/£2000 = 72.00%
    Total £14940/£15416 = 96.91%
    • JJW101
    • By JJW101 21st Sep 16, 4:12 PM
    • 7 Posts
    • 0 Thanks
    JJW101
    One thing that's better about HTB ISA's (compared to normal regular savers) is that you can open it with £1200, and after a year you don't have to close it and start again from zero.

    Didn't see in the small print that the Halifax rate drops from 4% after a year, but you could be right - it's a high a rate to allow people build up a big sum.
    • Westie983
    • By Westie983 22nd Sep 16, 1:01 AM
    • 3,000 Posts
    • 11,969 Thanks
    Westie983
    No mention of rate dropping yet, still remaining at 4% for those customers that have that rate, (existing customers before rate dropped).

    If I hear about it changing I will update, but at the moment no change to rate.
    Save 12k in 2016 #16 Total £12350/£12000 = 102.91%
    Sealed Pot Challenge ~ 9 #97 Total £250/£250 = 100.00% ( from Sue x 8)
    Xmas 2016 £1 a Day #6 Total £400/£366 = 109.28%
    Virtual Sealed Pot #1 Total £500/£800 = 62.50%

    £2 Savers Club 2016 #104 Total (£1060)+£380/£2000 = 72.00%
    Total £14940/£15416 = 96.91%
    • Lingua
    • By Lingua 22nd Sep 16, 5:52 PM
    • 76 Posts
    • 88 Thanks
    Lingua
    I went into my local Halifax branch on the day I posted here to ask about the rate on my HtB ISA, and the lady there informed me the rate would drop after one year. She didn't know at first and so went to speak to one of the more senior members of staff. Knew that 4% wouldn't escape their beady eyes!
    Long-Term Goal: £6'460 / £40'000 mortgage downpayment (2019)
    • PeacefulWaters
    • By PeacefulWaters 22nd Sep 16, 8:04 PM
    • 4,679 Posts
    • 5,679 Thanks
    PeacefulWaters
    I went into my local Halifax branch on the day I posted here to ask about the rate on my HtB ISA, and the lady there informed me the rate would drop after one year. She didn't know at first and so went to speak to one of the more senior members of staff. Knew that 4% wouldn't escape their beady eyes!
    Originally posted by Lingua
    The rate doesn't change after 12 months.

    It changes after they give you appropriate notice. In the case of an ISA that's just 14 days but LBG have a two month policy so you'll get two months notice of any reduction.
    • Westie983
    • By Westie983 22nd Sep 16, 11:48 PM
    • 3,000 Posts
    • 11,969 Thanks
    Westie983
    I went into my local Halifax branch on the day I posted here to ask about the rate on my HtB ISA, and the lady there informed me the rate would drop after one year. She didn't know at first and so went to speak to one of the more senior members of staff. Knew that 4% wouldn't escape their beady eyes!
    Originally posted by Lingua
    Like I say there is no mention of this on internal systems, or on the website, so can only assume that the 'senior' member of staff just made it up or made an presumption due to the current market.

    As mentioned on another post, savers need to have at least 30 days notice of any rate change, so there will be letters sent if rate is changed, or indeed any changes to the T&C's and at the time of opening the account the rate was 4% that is what you are getting unless you are notified otherwise, (of course the rate is variable, so could drop)

    My suspicions are if Halfax were planing to do this they would have dropped everyone to 3% when the new issue was launched, just like Kent reliance did with their regular saver.

    I will keep you posted if I read or hear any different, just like I did when i posted the rate was due drop, and any applications needed to be done before the new H2B was launched.

    Westie983
    Save 12k in 2016 #16 Total £12350/£12000 = 102.91%
    Sealed Pot Challenge ~ 9 #97 Total £250/£250 = 100.00% ( from Sue x 8)
    Xmas 2016 £1 a Day #6 Total £400/£366 = 109.28%
    Virtual Sealed Pot #1 Total £500/£800 = 62.50%

    £2 Savers Club 2016 #104 Total (£1060)+£380/£2000 = 72.00%
    Total £14940/£15416 = 96.91%
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