Help to buy ISA - Can You Transfer £12,000 from the start?

DBGage

Hi everyone,

As my title explains I have the maximum amount the ISA can hold but I can see there are restrictions on the amount you can move into the account ie £1200 in the first month and £200 after that.

My question is does anyone know if I can move the entire balance over to this ISA? I don't want to drag out not living in my own home any longer and this restriction means in a year I will only be able to put a maximum of £3,400 into the ISA

Based on the maximum deposit each months it would take 5-6 years? to get the maximum balance of £12,000 and the goverments £3000 bonus, I have waited long enough to get on the property ladder and I wont be extending by that long if this is the case...

colsten

No, you are limited to £1,200 in the first month, and £200 in subsequent months.

Yes, it takes between 5 and 6 years to put £12,000 into the HTB ISA. If you opt for the 4% interest one, you might be slightly faster than in a 2% one.

mrsbee17

Hello,


We have set up two ISAs as both me and my husband are FTB; we closed our 'Save to Buy' account with Nationwide and opened up two ISAs with Halifax and put £1200 in each to start. With the rest of the money, we plan to switch our joint 'bills' account to a 1-2-3 Current Account to get interest on our savings and cashback on our monthly bills.

Archi_Bald

There are much better current accounts than the Santander 123 - TSB, Nationwide, Lloyds.

They also come with Monthly / Regular Savers that pay 4% and 5% AER, and you could also consider the 6% Regular Savers at FD and M&S.

TheTracker

If you opened the RS's at TSB, Nationwide, Lloyds, M&S, FD, and HSBC on a long term basis you'd average a pot of £12000 earning 5.2% interest. (it could hold anywhere from £2000 to £24000 over the year as you regularly saved).

You could move £2000 a month into these accounts for the first 12 months, so it looks like you could solve your issue in short time. You could open 1 every 2 months or so if you'd like to smooth the RS aggregate balance, in the mean time keeping it in high paying current accounts like TSB, Lloyds, etc. I don't think you need go near the 123 for interest purposes though the cashback may independently appeal.

MARKMAKAVELI

DBGage's question has been answered in my thread also.

I found my thread very useful, maybe mrsbee17 will do too?

https://forums.moneysavingexpert.com/discussion/comment/69626390#Comment_69626390

My final post sums up a good plan of action, thanks to the help of others.

As does this http://www.moneysavingexpert.com/savings/which-saving-account