help to buy isa - question (couple)

wakkaday

ok me and my wife have just registered for a Halifax isa at 4%
however it just occured to us she actually has a savings isa with halifax

what is the best way for us to be maximise this deal?
we hope to buy in next 3-4 months

thank you

GwylimT

Have you both opened one? If so put £1000 in each, £200 each month in each thereafter.

When was the saver ISA opened?

wakkaday

i just opened both today
we have the digital details...
aren't we meant to put £1200 in this month? (so we get a quicker return)
bit confused with the halifax system to maximise quick return

my issue is my wife already has a halfax isa, does she have to close that first before using this one?

GwylimT

I did ask when she opened it, but as you haven't got back on that yet I can't answer, if the answer is this it needed to be closed before she opened a second isa in the same tax year, or a transfer arranged.

wakkaday

ah sorry she has had it since a child.... and has used it in the past year.

so the current HTB ISA with halifax has been opened today.

what's the best options for this deal to work now?
transfer £1200 to the htb isa?
and transfer the rest to a standard current account?

wakkaday

as in transferred cash into it (savings) yes also since april 6 2015

colsten

What's the exact name of the account? (not the name of the account holder)

wakkaday

instant isa saver with halifax

colsten

OK, thanks.

She needs to close this Isa Saver asap.

I already have a cash ISA – can I open a Help to Buy: ISA too?
You can put money into a cash ISA and Help to Buy: ISA in the same tax year, but you will have to take additional steps.

If you paid into a cash ISA after 5 April 2015, to open a Help to Buy: ISA this tax year (ie before 6 April 2016), you will have to transfer your active cash ISA to a Help to Buy: ISA.

You can transfer up to £1,200 of your active cash ISA balance into your Help to Buy: ISA. Anything more than this should be moved into either a stocks and shares ISA or a non-ISA account.

- See more at: http://www.helptobuy.gov.uk/help-to-buy-isa/faq#sthash.9HmPAecn.dpuf

Suggestions for really good non ISA accounts are everywhere on the forum. You could start here: https://forums.moneysavingexpert.com/discussion/5374614

I would suggest she does not experiment with S&S ISAs as it will be a minefield for people who are unfamiliar with it, and she does sounds unfamiliar with it.

wakkaday

ok thanks...

will check out the others accounts... im with club lloyds already, but dont have a saving account as such, just a current account with the free cinema tickets