Putting more into HTB ISA?

firsttimebuyer92

Hi, I've just opened my HSBC current account, savings account and HTB ISA in branch.
I've just got home, transferred all my savings to my HSBC savings account from my old bank, and then move some into the HTB ISA, what is stopping me putting more in as my balance in the isa is sitting at 1500?

Archi_Bald

If you mean you have £1,500 in your HTB ISA, you have a problem. The max you are allowed is the £1,000 opening deposit, plus your £200 maximum monthly deposit. £1,200 is therefore the maximum balance your HTB ISA can have this month.

If you were allowed to deposit more, HSBC's system is pretty terrible (not impossible) but they'll probably catch up with you. If they don't, HMRC or their Admin Agent, will pick you up on this.

Out of interest, how much interest does your HSBC savings account pay?

firsttimebuyer92

2% AER, I was thinking that I would only get the 25% on the allowed amount but get HSBCs interest of 2%. I'm not sure. I guess I should take it out

firsttimebuyer92

Oh the ISA is 2% and the savings account is only 0.6% but I won't have much in it after I've paid my deposit.

Archi_Bald

0.6%.....................:eek:

You realise you can get almost ten times that much in current accounts? and close to three times that much in normal savings accounts?

How much money are we talking about, and how long will you be saving for?

firsttimebuyer92

I only have 15k in it and putting an offer in next week. I guess I could open an account elsewhere, I've only opted for this account for the mortgage so decided to move everything over today

Archi_Bald

You might be disappointed with the HTB ISA then, as you must make at least 4 monthly payments of £200 into it before you can claim the bonus.

MARTYM8`

firsttimebuyer92 wrote: »

I only have 15k in it and putting an offer in next week. I guess I could open an account elsewhere, I've only opted for this account for the mortgage so decided to move everything over today

You would be able to qualify for a HTB bonus by 1 February – if you invest £1200 this month, £200 in January and £200 on 1 February.

Given you are only putting in an offer now its unlikely you will complete before 1 February. So still worth applying – you would get £400 cashback albeit only £50 after your solicitors admin fee.

Why not apply anyway – at least you will get 2% interest on it tax free while its open.

firsttimebuyer92

I opened it today, my post was about not having a limit of how much I could put in and if this was intended to be that way