Tell us you cash ISA questions

masonic

vision2009 wrote: »

Need to put it in current account where no monthly pay in is required, as is the case with tesco bank i believe.

If you have money to earn interest from, then why do you need an account where no monthly pay in is required? Is it really that hard to set up a couple of standing orders?

jimjames

vision2009 wrote: »

Haven't seen the 5% jimjames, i was looking at tesco bank.
How do i get the 5% please?

They've very easy to find First links are even on this site.
https://www.google.co.uk/search?q=5%25+accounts

makes-sense

- I'm not a first time buyer.
- I know I can't get the government bonus.
- But can I open a Help To Buy ISA to get he better interest rate (up to 4%)?


I imagine not (the bank probably asks for a declaration in line with the bonus rules - ie not owned land/property before), but it strikes me as there could be a loophole... just a thought. Would be interested to hear what you think!

masonic

makes-sense wrote: »

- I'm not a first time buyer.
- I know I can't get the government bonus.
- But can I open a Help To Buy ISA to get he better interest rate (up to 4%)?


I imagine not (the bank probably asks for a declaration in line with the bonus rules - ie not owned land/property before), but it strikes me as there could be a loophole... just a thought. Would be interested to hear what you think!

https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

Do you meet all of the criteria?

makes-sense

No. But this is my point...


It's an instant access account, so you don't have to use it to buy a house. You could just use it like a normal savings account. Therefore you won't claim the government bonus, which your solicitor does when completing the purchase.


I was just wondering if that meant you could have an account even though you don't qualify for the bonus.

masonic

makes-sense wrote: »

No. But this is my point...


It's an instant access account, so you don't have to use it to buy a house. You could just use it like a normal savings account. Therefore you won't claim the government bonus, which your solicitor does when completing the purchase.


I was just wondering if that meant you could have an account even though you don't qualify for the bonus.

Do you understand the difference between "To qualify for a Help to Buy ISA..." and "To qualify for the government bonus..." ?

If you don't qualify for something, it means you can't have it. It is perfectly fine to open a HTB ISA with no intention of buying a home... if you qualify for a HTB ISA.

makes-sense

Yes, I completely understand that (thanks for being condescending by the way!).


It was just the government docs (the eligibility-of-ftbs pdf linked to from be a first time buyer on the page you mention I'm new so can't post the link) only need completing when you claim the bonus (note they require details of the property you're purchasing).


My question is more - will a bank let you have an account without asking you to declare you meet the HTB "first time buyer" definition? Because if not, then it seems to me you could have one of these accounts (which tend to pay higher interest).


I'm not being stupid, I'm being curious about whether this is a way of getting a better interest rate.


Perhaps if someone has one they can tell us if they ask for such a declaration.

masonic

makes-sense wrote: »

Yes, I completely understand that (thanks for being condescending by the way!).

It is very difficult not to appear condescending when you have been pointed to the answer and refuse to see it.

So, one last time...

Who is eligible?
To qualify for a Help to Buy ISA you must:

be 16 or over
have a valid National Insurance number
be a UK resident
be a first time buyer, and not own a property anywhere in the world

To qualify for a Help to Buy ISA you must be a first time buyer

If you do not qualify for a HTB ISA then you cannot open one.

And yes, of course you will have to declare that you meet the eligibility criteria for any type of ISA (not just HTB) that you open.

makes-sense

Alright, jeez! It seemed like a reasonable query. [Goes off for a little cry]

jimjames

makes-sense wrote: »

Alright, jeez! It seemed like a reasonable query. [Goes off for a little cry]

It's not really a reasonable query when you'd been given the answer several times already. Are you aware that for £200 a month you can already do better than a HTB ISA too with no need to break any rules