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  • FIRST POST
    • katebl
    • By katebl 4th Jul 17, 9:08 PM
    • 590Posts
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    katebl
    Unused HTB Isa help!
    • #1
    • 4th Jul 17, 9:08 PM
    Unused HTB Isa help! 4th Jul 17 at 9:08 PM
    Partner has a HTB ISA he has never been able to pay into (bounces back from the building society on the few occasions he's tried) and we never had time (or inclination) to go to the branch and try sort it.

    I understand you can transfer from one provider to another, would he have to go through that hassle with this or can he just open another elsewhere seeing as this one is empty and will stay that way?


    Also if opening one elsewhere would he be eligible for the £1200 amount for first month deposit or just the usual £200 per month?!

    Any advice appreciated
Page 1
    • katebl
    • By katebl 9th Jul 17, 9:18 PM
    • 590 Posts
    • 280 Thanks
    katebl
    • #2
    • 9th Jul 17, 9:18 PM
    • #2
    • 9th Jul 17, 9:18 PM
    Bumping in case anyone who hasn't seen this can advise!
    • jimjames
    • By jimjames 9th Jul 17, 9:43 PM
    • 11,945 Posts
    • 10,354 Thanks
    jimjames
    • #3
    • 9th Jul 17, 9:43 PM
    • #3
    • 9th Jul 17, 9:43 PM
    Partner has a HTB ISA he has never been able to pay into (bounces back from the building society on the few occasions he's tried) and we never had time (or inclination) to go to the branch and try sort it.
    Originally posted by katebl
    Maybe worth finding the time or inclination to speak to the existing building society. Presumably he chose that one for a reason so worth sticking with it. If it's not actually ever been funded then can you just close it and open new one elsewhere?
    Remember the saying: if it looks too good to be true it almost certainly is.
    • katebl
    • By katebl 9th Jul 17, 9:54 PM
    • 590 Posts
    • 280 Thanks
    katebl
    • #4
    • 9th Jul 17, 9:54 PM
    • #4
    • 9th Jul 17, 9:54 PM
    Maybe worth finding the time or inclination to speak to the existing building society. Presumably he chose that one for a reason so worth sticking with it. If it's not actually ever been funded then can you just close it and open new one elsewhere?
    Originally posted by jimjames
    Literally only opened with them because at that stage there weren't many others offering monthly interest! Their customer service have been pretty useless over the phone so not particularly interested in sticking with them if we don't have to. I'd hope your line of thinking with that was correct, that's what I'd assume also
    • darkidoe
    • By darkidoe 10th Jul 17, 1:10 AM
    • 821 Posts
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    darkidoe
    • #5
    • 10th Jul 17, 1:10 AM
    • #5
    • 10th Jul 17, 1:10 AM
    Might be worth restarting all together with the LISA if you are not going to buy within the year.

    Save 12K in 2017 # 9 £7 616.65/15 000 (50.78%)
    Save 12K in 2016 # 8 £19 721.58/12 000 (164.35%) Achieved!
    • Westie983
    • By Westie983 10th Jul 17, 9:09 AM
    • 3,759 Posts
    • 13,797 Thanks
    Westie983
    • #6
    • 10th Jul 17, 9:09 AM
    • #6
    • 10th Jul 17, 9:09 AM
    If it hasnt been funded, then you can close the account and then open a new one, but if there has been any money paid in at all even just £1 then you will need to either sort out why the money keeps bouncing back (check details,) or transfer it out to another provider, then fund again when its been moved.

    Which provider are you having issues with? some banks have a standard sort code combination and others are specific to the customer. I can try and work out whats going on.

    In relation to the £1000 first payment, most providers say this has to be credited within the first 30 days of account opening, so would need to check paperwork and/or T&C's

    Westie983
    Save 12k in 2017 #16 Total £18,855/£12,000 157.12%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
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    Virtual Sealed Pot #1 Total £1,200/£1,000 = 120.00%
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    Total £22,265/£15,865 = 140.34%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • eskbanker
    • By eskbanker 10th Jul 17, 10:33 AM
    • 5,319 Posts
    • 5,074 Thanks
    eskbanker
    • #7
    • 10th Jul 17, 10:33 AM
    • #7
    • 10th Jul 17, 10:33 AM
    Literally only opened with them because at that stage there weren't many others offering monthly interest!
    Originally posted by katebl
    Unless he was planning on withdrawing the interest regularly (which would be odd when saving for a deposit) then there is no reason that I'm aware of to restrict your choices to those offering monthly interest!

    Some people seem to think that they need accounts paying monthly interest out of a misplaced assumption that they'd miss out on interest if closing before an annual interest payment date, but of course (with the possible exception of some fixed-term accounts) all other accounts will pay pro rata earned interest if closing before the scheduled payment date....
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