Help to Buy ISA guide

colsten

Assuming it was a formal ISA transfer, carried out by HSBC: no.

coldjim

I opened my halifax ISA account and then went to fund it with my debit card and read this:

'Bear in mind

You can add up to £6,000 every 30 days (Only 1 transaction in 72 hours).
The card must be registered to your name and address.
You can only add money from a non Halifax UK debit card.
Some debit cards are unable to make these payments. If you have any problems using the debit card service, please make a transfer directly from your account.
Adding to a fixed account? You can only add money up to 10 days post opening (60 days for Fixed ISAs).'

Does that mean i can just add £6000 straight away and then another £6000 after 30 days? Meaning i will get 4% on £6000 and reach the biggest bonus quicker?
Im confused

MDMD

coldjim wrote: »

I opened my halifax ISA account and then went to fund it with my debit card and read this:

'Bear in mind

You can add up to £6,000 every 30 days (Only 1 transaction in 72 hours).
The card must be registered to your name and address.
You can only add money from a non Halifax UK debit card.
Some debit cards are unable to make these payments. If you have any problems using the debit card service, please make a transfer directly from your account.
Adding to a fixed account? You can only add money up to 10 days post opening (60 days for Fixed ISAs).'

Does that mean i can just add £6000 straight away and then another £6000 after 30 days? Meaning i will get 4% on £6000 and reach the biggest bonus quicker?
Im confused

No, the text above is likely to be Halifax's internal rules re max payments etc. The HTB max payment rules will override it. If you put £6k in they will prob just return it.

robinhood2nd

Anyone know if your first time buyer status is affected if you are put on the land registry of another property? are you still classed as a first time buyer?

fp1

Hey, Hope you dont mind me asking. You said you had an isa already this year, did you have to close that before opening this isa to benefit? i am so confused!!!!

CGavin

Hi,

My boyfriend and I have already started saving and we have quite a good deposit already. We have put our name down for a new build in our area and should be getting a call any day now to confirm price and when it will be ready.

Is it worth us still both opening a HTB ISA? And if we did could we put over the £200 a month in there to get a bigger bonus at the end? At present I don't know how long our money will be in there but I am guessing at least 2/3 months however I am not to sure of the new build house buying process either.

Thank you.

Jenboy

If you already have an existing ISA from a previous tax year which you have paid into in this tax year can you continue to contribute to this and open a Help to Buy ISA in this tax year provided annual total limits are not exceeded?

fuzzgun19

Archi_Bald wrote: »

You could, if you don't mind making a false declaration when opening the HTB ISA.

There are much better places for £200 a month, though - e.g. TSB Plus, TSB Monthly Saver etc

I'm rather confused by this HTB ISA thing. I just saw Martin on TV saying this is a no-brainer for savings, and saying the HTB 'interest' would be higher than other savings accounts.

Do you mean this is wrong, and a 5% account (as above) would be best?

jimjames

fuzzgun19 wrote: »

I'm rather confused by this HTB ISA thing. I just saw Martin on TV saying this is a no-brainer for savings, and saying the HTB 'interest' would be higher than other savings accounts.

Do you mean this is wrong, and a 5% account (as above) would be best?

No, it isn't wrong. If you're a first time buyer then the interest for the Halifax HTB ISA beats any other savings account. If you need to save more than £200 per month OR are not a FTB then 5% accounts are best option.

But other accounts at 2% or less are not worth it unless you are expecting to get the government bonus added.

fuzzgun19

jimjames wrote: »

No, it isn't wrong. If you're a first time buyer then the interest for the Halifax HTB ISA beats any other savings account. If you need to save more than £200 per month OR are not a FTB then 5% accounts are best option.


But other accounts at 2% or less are not worth it unless you are expecting to get the full government bonus added.

Ok thanks.

Is it possible to pay in less than £200pm (after the initial £1200)?

What if you only have a set amount to save eg. £3K total?

What happens after 12 months, does it just carry on until you close it?

I'm wondering about this as purely savings. I have never owned a home, and think I'm unlikely to, also I'm thinking of childrens savings (over 16).