Help to buy ISA and savings account

LegalCashier

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We've a fully researched Help to buy ISA guide you may find helpful.

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Hi all, for many years I've referred to MSE forums but this is my first time posting!! My partner and I are looking for some advice about the new help to buy ISAs. A little about what I have saved so far (partner is the same just a few 100 less than me):

£7,350 in a Virgin Savings Account (1.2% net)
£2,900 in HSBC current account (no int)

I've saved this over the last 12 months (quite good going on a 17k wage!!) My plan is to open a help to buy ISA with £1,200 and transfer £1,200 in to my savings leaving £500 in my current account as an emergency (but fingers crossed never use it). I will then go on to save £650 in to my savings every month for the next year and £200 in the ISA every month too. I feel that the Halifax H2B ISA is the best with 4%, although I'd like to go for the split with Aldemore it's only a 0.1% gain on my virgins saving account.

If I was to open a Halifax ISA and then come April 2017 transfer to a another H2B ISA would I be able to transfer the full amount in my H2B ISA or would I only be able to transfer the initial £1,200?

My partner is in the same boat as me and will do what I do! Hopefully this all makes sense!

Thank you in advance

LegalCashier

Also may be worth adding I'm looking into switching to Halfiax to take advantage of there £100 and £5 p/month. Would the two DDs be ok for 1 going to my savings and 1 going to the Halifax H2B or would that count as internal. I can set up a standing order for my rent (leaving at home so would go to parents HSBC account)

MDMD

LegalCashier wrote: »

Also may be worth adding I'm looking into switching to Halfiax to take advantage of there £100 and £5 p/month. Would the two DDs be ok for 1 going to my savings and 1 going to the Halifax H2B or would that count as internal. I can set up a standing order for my rent (leaving at home so would go to parents HSBC account)

These all seem like standing orders, which are different to DDs. If they say direct debits then you will need to put two on the account (council tax, water, Internet etc)