Help to Buy ISA guide

colsten

jansel wrote: »

Can someone clarify whether my daughter will be eligible for the 25% bonus if the purchase price of the property she is planning to buy in London is over £450K ?
Thx

No. Please search the forum for more on this subject.

colsten

jamesdean1987 wrote: »

In January im looking at opening an HTB ISA for myself and my wife is going to open one in her name but the question I want to ask is can I put money from my normal account into my wife HTB ISA account if she doesn't have the full £200 for that month?

Check the terms and conditions of your wife's ISA.

vickimars

Hi I have opened a Halifax Help to Buy ISA, however I'm having problems transferring money into it from my bank.
It says I only have two options, transfer money in from a Halifax account (I don't have any other accounts with Halifax) or transfer money from another ISA. Is this correct ? I don't want to have to open a Halifax account in order to fund my ISA.
Thanks
Vicki

colsten

I would expect that your ISA has a sort code and account number, so you should be able to set up a standing order to it from your normal current account.

redux

vickimars wrote: »

Hi I have opened a Halifax Help to Buy ISA, however I'm having problems transferring money into it from my bank.
It says I only have two options, transfer money in from a Halifax account (I don't have any other accounts with Halifax) or transfer money from another ISA. Is this correct ? I don't want to have to open a Halifax account in order to fund my ISA.
Thanks
Vicki

I'm assuming that you're saying these are the two choices you see when logged in to the Halifax account.

I think that would be because these are operations which the Halifax would control.

It should be ok to send money in from another bank account elsewhere by standing order or faster payments when logged in to that account, using the Halifax sort code and account number. You might just check this with Halifax.

Note also my comment above that Halifax wouldn't accept an initial £1200 as an internal transfer, but £1000 shortly followed by £200 was fine. Perhaps it would also reject £1200 coming in from outside, so it would be worth splitting as £1000 plus £200 if you want to start with the maximum this month.

isingh1

jimjames wrote: »

You can.
But you can do much better than 4% on £200 per month.

Such as? I don't know any form of tax free saving offering 4% interest.

I know the regular savers offer a higher interest, but that's taxed

colsten

isingh1 wrote: »

Such as? I don't know any form of tax free saving offering 4% interest.

I know the regular savers offer a higher interest, but that's taxed

Would you rather earn 4% tax free or 4.8% after tax?

redux

isingh1 wrote: »

Such as? I don't know any form of tax free saving offering 4% interest.

I know the regular savers offer a higher interest, but that's taxed

If the regular saver account pays its interest annually rather than monthly, which seems to be usually the case, then the next interest payment may occur in the next tax year, and all or part of the interest may fall in the £1000 a year (£500 for 40% taxpayers) new tax free band on interest.

Gwinike

Hi. We went to Halifax today and wanted to open a HTB ISA We said that my husband has a Cash ISA with Barclays and we want to tranfer the money from there to this HTB ISA. They said that we can't do this and we need to wait till April to open one. Is it true? You told me that I can close that Isa and open a HTB one.

Ed-1

Gwinike wrote: »

Hi. We went to Halifax today and wanted to open a HTB ISA We said that my husband has a Cash ISA with Barclays and we want to tranfer the money from there to this HTB ISA. They said that we can't do this and we need to wait till April to open one. Is it true? You told me that I can close that Isa and open a HTB one.

If your husband has added new money to his ISA since 6th April this year and the total deposited since 6th April is more than £1000 then you can't transfer it into a Halifax HTB ISA (as the initial deposit has to be at most £1000). If your husband hasn't added any new money to his ISA since 6th April then there's nothing stopping him opening a HTB ISA now. Otherwise, if he has deposited more than £1000 into his existing ISA since 6th April, he had 3 options: (a) can close it and withdraw all money from it (not transfer it to a new ISA) and open a HTB ISA now; (b) wait until 6th April 2016 and open a HTB ISA; (c) transfer the ISA to a provider like Nationwide that allows split ISA deposits and open a HTB ISA with them - as long as he has not deposited his full ISA allowance of £15240 since 6th April.

Note that the above is about your husband opening a HTB ISA. What's stopping you opening a HTB ISA?