Help to Buy ISA guide

eskbanker

There's really no need to be making phone calls about this sort of thing, all you need to do is check the Ts & Cs (or even just the summary box) of the account as published on the provider's website.  Most institutions continue to pay the same interest rate on balances above £12K, but HSBC doesn't....

markhigman96

lescarp88 said:

Santander Help To Buy ISA (issue 1) interest rate reducing from 2.75% variable now to 0.75% variable on 03 August 2020.

Yes, I hold one and hoping to buy a property soon. Can I switch to the HSBC HTB at 1.75% to get better interest and still claim the goverment bonus?

Ed-1

markhigman96 said:

lescarp88 said:

Santander Help To Buy ISA (issue 1) interest rate reducing from 2.75% variable now to 0.75% variable on 03 August 2020.

Yes, I hold one and hoping to buy a property soon. Can I switch to the HSBC HTB at 1.75% to get better interest and still claim the goverment bonus?

Yes

pennyforthem

Just checked my Natwest help to buy it's at 2%, few!

fryderykchopin

Anyone knows how long it takes to receive the payment of the bonus once your solicitor submits the claim?
I'm supposed to suggest a date for completion and I would like to leave enough time to ensure the money arrives on time.

eskbanker

fryderykchopin said:

Anyone knows how long it takes to receive the payment of the bonus once your solicitor submits the claim?
I'm supposed to suggest a date for completion and I would like to leave enough time to ensure the money arrives on time.

Your conveyancer should be able to advise from direct experience, but clause 8.3 of the guidelines they work to states a week:

The Administrator will process a validated Bonus Request and make the payment to the Eligible Conveyancer’s Client Account within 5 Business Days. A Bonus Request must therefore be made at least 5 Business Days before completion of a property purchase.

Embem3

Evening,
Looking for some advice as to be honest I can’t find a clear answer on google search. I currently have a help to buy ISA, my partner and I will be looking to buy together in the future. He’s not a first time buyer so I already know that I will not be entitled to the government bonus. What I would like to know is am I able to open another ISA and pay into both at the same time? I’m currently limited on the nationwide ISA to £200 only each month and I’m fortunate enough to be able to save a lot more. I know they have to be opened in different tax years but cannot find confirmation anywhere to say I could put £200 in one and £200 in a new one?!
Any help would be greatly appreciated 👍

masonic

Embem3 said:

Evening,
Looking for some advice as to be honest I can’t find a clear answer on google search. I currently have a help to buy ISA, my partner and I will be looking to buy together in the future. He’s not a first time buyer so I already know that I will not be entitled to the government bonus. What I would like to know is am I able to open another ISA and pay into both at the same time? I’m currently limited on the nationwide ISA to £200 only each month and I’m fortunate enough to be able to save a lot more. I know they have to be opened in different tax years but cannot find confirmation anywhere to say I could put £200 in one and £200 in a new one?!
Any help would be greatly appreciated 👍

Him not being a first time buyer does not automatically disqualify you from being entitled to the government bonus. Providing you meet the eligibility criteria yourself and the property you buy meets the criteria, you can claim the bonus on your HTB ISA even if he is not eligible for the scheme.

You cannot pay new money into more than one cash ISA in the same tax year, but Nationwide does allow you to 'split-ISA', enabling you combine accounts with them into a single cash ISA, but it does not have very good rates across its range of cash ISAs. You'd be better off using a normal savings account.

TylerWhittakerLaw12

Can someone help me?
I opened a Help-to-Buy ISA and have put my savings in there, however I now need to “dip into” my savings.
I currently have £1,600 in my Help to Buy ISA, so I was wondering if it’s possible to withdraw or transfer £200 into my personal bank account without affecting the ISA in any way?

eskbanker

TylerWhittakerLaw12 said:

Can someone help me?
I opened a Help-to-Buy ISA and have put my savings in there, however I now need to “dip into” my savings.
I currently have £1,600 in my Help to Buy ISA, so I was wondering if it’s possible to withdraw or transfer £200 into my personal bank account without affecting the ISA in any way?

Yes, HTB ISAs are all easy-access products, from which you can withdraw without penalty, although you can't pay it back in again other than at £200 per month, but the fact that you only have £1,600 in one suggests that you're not constrained by the product's maximum monthly contribution anyway.