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Santander 123 or Help to Buy ISA?
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Eric999
Posts: 19 Forumite
Hi, I'm trying to save a few hundred a month with the hope of one day buying somewhere to live in London, this is unlikely to be in the next 18 months.
I can save around 500 a month, as much as 800 at a stretch.
Been reading the guides on here this morning and getting confused, as per.
Is it better for me to get a Santander 123 account now, put all my savings in (have 4k in 2 TSB accounts and another 3 or so in the awful Barclays esaving thing) that and live with or wait until December to open the HTB ISA?
If I open the HTB ISA can I carry on paying in that and then open the 123 account in the new tax year?
Should I keep the TSB accounts or move everything into one place?
Is there any scenario where I could pay the £200 a month into the HTB ISA and get the £50 credit and pay the other £300-500 a month into the Santander 123 and still benefit?
I can save around 500 a month, as much as 800 at a stretch.
Been reading the guides on here this morning and getting confused, as per.
Is it better for me to get a Santander 123 account now, put all my savings in (have 4k in 2 TSB accounts and another 3 or so in the awful Barclays esaving thing) that and live with or wait until December to open the HTB ISA?
If I open the HTB ISA can I carry on paying in that and then open the 123 account in the new tax year?
Should I keep the TSB accounts or move everything into one place?
Is there any scenario where I could pay the £200 a month into the HTB ISA and get the £50 credit and pay the other £300-500 a month into the Santander 123 and still benefit?
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Comments
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Hi, I'm trying to save a few hundred a month with the hope of one day buying somewhere to live in London, this is unlikely to be in the next 18 months.
I can save around 500 a month, as much as 800 at a stretch.0 -
Why not open one or more regular savings accounts for your non-HTB money?
But still get the HTB ISA?0 -
Yes..............................0
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It's impossible to make any decision about HTB ISAs until some actually materialise with precise T&Cs. It may be the case that the most effective way to use them is to make use of regular savers opened a short time before the end of this tax year - the proceeds of these could be put into an HTB ISA just before the end of the tax year, to minimise the amount of time the money spends earning a (likely) derisory rate of interest within the ISA.0
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Agree, we need to see the details of the actual implementation but the original announcement only allows for an initial deposit of max £1,000 and subsequent deposits of max £200 a month. It is therefore not likely that tipping in a year-end lump sum saved up in a Regular Saver, or anywhere else for that matter, would be a good strategy.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413899/Help_to_Buy_ISA_Guidance.pdf
Shouldn't be very long now before we see the publication of some actual T&Cs.0
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