Halifax HTB ISA

colsten

DragonQ wrote: »

Surely I can open this HTB ISA and shove the maximum into it each month until a better ISA product comes along (after April 2016) and just take all the money out and shove it in the new one?

I can't benefit from the government bonus anyway but I may as well use this as a 4% regular saver since there's no point getting another type of ISA in this tax year.

If you are not a First Time Buyer, you are not eligible for the HTB ISA. You will have to declare that you are eligible when applying for the ISA. Up to you whether you want to lie at this stage but I think it would be a foolish thing to do.

I any case, you can most likely earn the same or better interest outside any cash ISA, on more money and at least for the next 12 months, using the 6% Regular Savers.

DragonQ

colsten wrote: »

If you are not a First Time Buyer, you are not eligible for the HTB ISA. You will have to declare that you are eligible when applying for the ISA. Up to you whether you want to lie at this stage but I think it would be a foolish thing to do.

I any case, you can most likely earn the same or better interest outside any cash ISA, on more money and at least for the next 12 months, using the 6% Regular Savers.

I am eligible, I just can't benefit from it (house prices are too high).

I already have all of the 4-6% regular savers.

colsten

OK, sorry I jumped to the wrong conclusion. If you haven't paid into any other cash ISA since April 6, then yes, opening the Halifax HTB is pretty much a no-brainer in your case.

MARTYM8`

colsten wrote: »

If you are not a First Time Buyer, you are not eligible for the HTB ISA. You will have to declare that you are eligible when applying for the ISA. Up to you whether you want to lie at this stage but I think it would be a foolish thing to do.

I any case, you can most likely earn the same or better interest outside any cash ISA, on more money and at least for the next 12 months, using the 6% Regular Savers.

Agreed - but you are only required to have never owned a home or an interest in a home in the UK or abroad to open the account. There is no obligation to actually want to buy (i.e. be a first time buyer) - e.g. you may be happy renting - to open a HTB product.

Semantics perhaps - but this thread seems to be full of that.:D

colsten

MARTYM8` wrote: »

Agreed - but you are only required to have never owned a home or an interest in a home in the UK or abroad to open the account. There is no obligation to actually want to buy (i.e. be a first time buyer) - e.g. you may be happy renting - to open a HTB product.

Very true, there is no obligation on the eligible savers to ever buy a property. But they also won't get the government bonus if they don't, so would just be left with the ISA interest rate. Which is less than they can get in many regular savings or current accounts, even after deducting tax (which may or may not be due)

MARTYM8` wrote: »

Semantics perhaps - but this thread seems to be full of that.:D

Some semantics, and a lot of straight forward maths :cool:

DragonQ

Just opened this account. Clicked the "Top up ISA" link to shove £1200 in there. Hasn't gone in yet, which surprises me since it's an internal transfer. Might call them this evening if it doesn't appear by then. I don't want to try again in case I go over the monthly limit by accident.

gingercordial

DragonQ wrote: »

Just opened this account. Clicked the "Top up ISA" link to shove £1200 in there. Hasn't gone in yet, which surprises me since it's an internal transfer. Might call them this evening if it doesn't appear by then. I don't want to try again in case I go over the monthly limit by accident.

Possibly because it says the maximum amount for account opening is £1,000 and then the £200/month should be by standing order, so your £1,200 in one go may have breached this.

My initial deposit of £1,000 appeared immediately, and I then set up an SO for tomorrow from one of my Reward Current Accounts as the first available date.

I'd call them and ask if they can manually adjust it or confirm that it will bounce.

DragonQ

gingercordial wrote: »

Possibly because it says the maximum amount for account opening is £1,000 and then the £200/month should be by standing order, so your £1,200 in one go may have breached this.

My initial deposit of £1,000 appeared immediately, and I then set up an SO for tomorrow from one of my Reward Current Accounts as the first available date.

I'd call them and ask if they can manually adjust it or confirm that it will bounce.

Ah, yes maybe that's the reason. I wasn't aware that the £200/mo had to be by standing order. Will give them a call.

EDIT: Yep, it accepted a £1000 deposit. I also set up a standing order from another bank - didn't see anything in the T&Cs about standing orders having to be from other Halifax/BoS accounts.

JustAnotherSaver

gingercordial wrote: »

I then set up an SO for tomorrow

So you can still pay in £1200 total for December?
I thought the first month's payment was capped at £1000 or is this only the initial deposit/cap for day1 & tomorrow we can all stick in another £200 & then have £200 go in on the 1st of the month after that (so Jan 1st, Feb 1st)?

colsten

JustAnotherSaver wrote: »

So you can still pay in £1200 total for December?

Yes. It's £200 every month, plus £1,000 when you first open your HTB ISA.