Halifax HTB ISA Funding

green1960

The money is in the account, and the available balance is £1200, but when I go on to the statement part of it, it says Total ISA investments £0.00. I did internal transfers from my Halifax account, I think if there had been a problem they would have returned some or all of the money back. If there is a problem, I can always transfer my Help to Buy ISA to the Nationwide and then back again to the Halifax. Think I will hang on until after January to see if my standing order goes through ok. Hope this makes sense.

4tex

Can anyone help me because I am going out of my mind.

I recently set up a Help to Buy ISA with Halifax. I don't bank with them but didn't think this would be an issue as everything I've read has indicated that this isn't necessary (ie. no linked account needed, no mention of needing to bank with Halifax whatsoever). After receiving my new online banking details activation code, I've just logged on for the first time and I can't see anywhere how I can deposit funds. The only options are to top up my ISA within another Halifax account (I don't have one) and to transfer money from an existing ISA (I don't have another ISA).

Can anyone help as it looks like I've wasted my time and have lost out on a whole month of being able to deposit funds.

Thanks so much in advance.

colsten

Your ISA will have a sort code an account number, so you can just set up a Faster Payment or an SO into it (from your current account).

EDIT: so you don't muck it up: your first payment/deposit must not be for more than £1,000. You can follow that with a £200 payment/deposit. Halifax don't, for some weird reason allow a single £1,200 payment/deposit in the first month.

ElliotLibertine

colsten wrote: »

Your ISA will have a sort code an account number, so you can just set up a Faster Payment or an SO into it (from your current account).

EDIT: so you don't muck it up: your first payment/deposit must not be for more than £1,000. You can follow that with a £200 payment/deposit. Halifax don't, for some weird reason allow a single £1,200 payment/deposit in the first month.

can I ask where you got that information from please? as I was planning to deposit £1200 via standing order for the first month/initial deposit and then change to amount to £200 per month for the second month onwards...

will this not work?

rh2607

Like others, I have only recently received my login details for my newly opened HTB ISA with Halifax. I have deposited £1000 and attempted to set up a standing order yesterday to be paid in before the 25th, but by bank (Clydesdale) won't allow standing orders to be set up with less than three working days notice.

I called Halifax to ask if I could make a faster payment of £200 for this month, and set up the standing order for the following month. She said this would not be acceptable - the £200 payment MUST come from a standing order, otherwise it will be rejected.

I'm just curious as to whether other folk have managed to deposit the £200 via instant transfer without any issues? I don't want to miss out on this months £200 contribution!

Thanks!

colsten

The only thing you can sensibly do now for December is make a Faster Payment and hope it won't get rejected. If they do reject it, it's not the end of the world.

The other thing you can consider later is switching your current account for a switch bonus to a better bank. For example, Halifax pay you £100 for switching to them, and if you fulfill their conditions, they'll pay you £5 a month every month. Others with switching offers include Nationwide and First Direct.

rh2607

Thanks for your reply colsten.

My partner banks with Halifax and had no issue setting up a standing order to be paid the following day. The adviser suggested I get him to set up a SO for this month (to be paid tomorrow) and then cancel it and set up my own standing order.

I did say I didn't think that would be allowed, but she was insistent that it was fine - so long as the money is paid in via standing order she said it didn't matter whether it was from an account in my name or another persons account.

ElliotLibertine

got another really silly question...

when it says the standing order should be on or before 25th of every month, does that mean it has to reach the Halifax account by the 25th or the actual date of the standing order must be the 25th at the latest?

just thinking if I set one up for the 25th and then that date falls on a weekend/bank holiday then it might take longer to reach them?

colsten

Why would you want to wait until the 25th? What's wrong with the 1st? Who pays you more than 4% after tax for your monthly £200?

ElliotLibertine

I got paid on 23rd this month and paid in my first £200 the same day. my payday is the 27th every month (apart from Christmas) so what i'm saying is its a little annoying that its just before that therefore i've effectively paid £400 from one month's pay-packet and going forward it'll always be just before my payday. so that's why I want to know for future reference if the 25th will always be okay with weekends/bank holidays etc? to be as close to to the 27th as possible