Help to Buy ISA guide

POPPYOSCAR

Archi_Bald wrote: »

FD, HSBC, M&S, Nationwide and TSB.

But these involve setting up Bank accounts, do they not?


And at the moment the interest is taxable.

jimjames

POPPYOSCAR wrote: »

And at the moment the interest is taxable.

What's better, 1% tax free or 5% taxed? As of April it's not even taxed for most people either.

YorkshireBoy

POPPYOSCAR wrote: »

But these involve setting up Bank accounts, do they not?

2 of them are current accounts (with regular savers taking £750 a month), and the other 3 do require current accounts, yes...but they take another £800 a month.

And at the moment the interest is taxable.

For the two current accounts, yes (for another few months), but the 5 regular savers will pay out after April this year so the interest may not be taxable anyway.

monayuen1

A reply to Abs01
I too am purchasing a property and opened a Help to Buy ISA 4th of Dec with £1000 and set up standing order to start 6th Dec making £1200. It will have £1600 on 6th Feb, just in time for the £400 bonus as my house completion will be late Feb. But alas I will not benefit from this bonus as I have discovered from a previous reply, as I am not obtaining a mortgage and have scrimped saved all my working life and managed to get a cash buy. Also I have read on Law.society.org.uk that solicitors won't be able to apply for the bonus until 31st March.

redux

Rich2808 wrote: »

I am perfectly entitled to comment as a taxpayer on how taxes are used.

Its called a help to buy isa - yet as this thread and a myriad of others on here illustrate it has been made excessively confusing and complicated by bureaucrats.

Actually it is fairly simple.

However, write to your MP or even Mr Osborne himself about how you think the scheme should be, instead of picking fights with the people patiently answering questions about how it is.

I'd agree with you that Osborne's fetish for inventing schemes to subsidise housing might be counter-productive, but this isn't the place to discuss that.

aimsley10

Myself and my partner currently have a Save to buy ISA with nationwide (opened in 2014)
I was wondering if any one had any information on the best thing to suggest with opening a help to buy ISA as well, or even if it would be worth it?
I'm not sure how this would work when coming to withdraw the money and put down a deposit.
Would it all have to be moved into one account and would I have to sacrifice one of the benefits from one of the accounts?
And is this even possible?

Thanks

colsten

With Nationwide, you can contribute to both, a Save To Buy and an HTB ISA in the same tax year. You need to check the T&Cs as to what benefits you can get from each from Nationwide.

As and when you come to buying your property, you can fund your purchase and the associated fees from more than one source of savings.

Karen_from_London

Karen_from_London wrote: »

I think there is a mistake on this website with respect to H2B Isa and Junior Isas in the same tax year. The Help to Buy page on this website says that 16 and 17 year olds can have both in the same tax year just as you can have a regular cash Isa and a Junior Isa in the same year. However Halifax says this is NOT the case. Their online system will not allow you to open the H2B when you have a Jnr Isa and so I rang their Helpline and was told this was the reason why. I was adamant that HMRC rules were that this was allowed (as per Martin's note at number 3 in the 10 Help to Buy Need to Knows), but the supervisor came back to say that this was not so.
So be aware if you are trying to do this for your child...

10 days and lots of hassle later, I have managed to do this for my son! Indeed the reason I couldn't do this online was a MISTAKE in Halifax's systems which they have promised to rectify (altho no date given). The telephone-based account opening helpline have now admitted that they were wrongly informed (in fact hadn't read their own internal briefing notes). However, as my son is 17 years he is NOT allowed to open an account over the phone either(!) This lead to an attempt to get a Saturday appointment at one of my 3 closest Halifax branches (no Sat appts til April!), so went today at 2pm into a branch close to his school (lucky I don't work) and have FINALLY MANAGED TO OPEN A H2B ISA for my son (in the same tax year as a Junior ISA)...:j

helloHTB

Hi
Ive recently opened a Help to buy ISA with Halifax and I currently have a Santander 123 account holding 20k.My main income is paid into this account and all my bills are paid from this account. I regularly save between £200-£400 a month on top of my £200 payment to the help to buy ISA. I am wanting to save my £200-£400 into a high interest saving/current account but unsure which is the best. I would prefer a savings/current account that lets me withdraw cash if needed. Nothing else will be going out of this account (bills etc).... so far from what I've researched Nationwide is showing as the best for what i require, please advise.

Thanks

colsten

If you want to make the best return from £20K, and your total savings are £20K, there are better places for your money than a Santander 123. Best interest paying accounts: https://forums.moneysavingexpert.com/discussion/5374614