Just opened Halifax HTB Isa but looking for another savings account

chrisyboy

Hi Everyone


Some advice required please. I have put some debts behind me and am currently saving for a deposit for a house. I have currently been saving up in a Santander Cash ISA, I only have around 5k so far but I do not feel I am getting a good deal in terms of interest and I have just opened up a Halifax HTB ISA.


Up to now I have a standing order set up paying in £400.00 in the Santander ISA however I now have to stop paying into this ISA. I am going to set up a standing order for £200.00 per month into the Halifax ISA but need to find another account which I wish to deposit £3000.00 + £200.00 a month - this cannot be another ISA.


Does anyone have any recommendations on a savings account with half decent interest rates?


Many thanks

inspireme247

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Cisco001

simplest one is get a TSB current a/c which pay 5% up to £2000. Then open regular saving and put £250 every month.

Or to maximize
Open current in any bank
then switch to First direct/ HSBC advanced/ M&S to grab the switching bonus.
Then open their 6% regular saving.
Open TSB and bank £2000.
Open Tesco and bank £1000.

NectarCollector

You should have transferred the ISA from Santander to Halifax (if they allow it) I don't believe you can pay into a Halifax help to buy if you have already paid into a different isa in the same tax year, payments would be returned as failed and you would have to wait until April for the new tax year.

as for the £3k, open one of the 5% current accounts like TSB, stick in 2k, put the other 1k into another 5% account like Nationwide (1st year only) or a joint tsb if you have someone u can open one with and trust! and bnuild up the balance to whatever the limit for interest is on the 2nd account.

Archi_Bald

You must close that Santander ISA if you made any deposits into it this tax year. It would be breaking ISA rules if you didn't, and HMRC would likely void your HTB ISA sometime next year.

chrisyboy

Many thanks for all the replies, I have made a mistake here, I have miss-read the information, I assumed that you cant 'pay' into more than one cash ISA in one tax year, I though if I stop paying into the Santander ISA then I could pay into the new Halifax one, I had better ring them tonight and tell them.


I am not sure about switching current accounts as I would have to inform my employer every time I do this and am a bit worried about problems... had a few nightmares in the past

Archi_Bald

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.

Alternatively, portfolio ISAs allow you to hold multiple ISA products within a cash ISA wrapper. You can still only have one active cash ISA but it can be made up of one or more standard cash ISA products, including a Help to Buy: ISA. With a portfolio ISA, you can save into a cash ISA and a Help to Buy: ISA at the same time. The standard cash ISA and Help to Buy: ISA allowance limits will still apply.

You are able to continue to save money into a stocks and shares ISA, even if you open a Help to Buy: ISA.

- See more at: https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#sthash.Ngk3ZbxL.dpuf

You should have transferred some from your Santander ISA to the Halifax HTB ISA, but you will be ok if you close that Santander ISA asap.

Archi_Bald

chrisyboy wrote: »

I am not sure about switching current accounts as I would have to inform my employer every time I do this and am a bit worried about problems... had a few nightmares in the past

You do not need to switch your current account at all.

Just open additional ones that you use for savings. Surely you won't need to tell your employer about all your accounts.

savings_my_hobby

chrisyboy wrote: »

Many thanks for all the replies, I have made a mistake here, I have miss-read the information, I assumed that you cant 'pay' into more than one cash ISA in one tax year, I though if I stop paying into the Santander ISA then I could pay into the new Halifax one, I had better ring them tonight and tell them.


I am not sure about switching current accounts as I would have to inform my employer every time I do this and am a bit worried about problems... had a few nightmares in the past

You could just take your money out of the ISA and place it in a high interest current account then open a Halifax HTB ISA in April.

Use £1000/£1200 from your savings to open the HTB ISA then pay in £200 per month (preferably from future earnings so your current savings can earn the highest interest).

You don't get your wages paid in to your ISA do you?

Eco_Miser

For your savings, you need to be looking at Regular Savings Accounts (you pay in defined amounts each month for a year, then start a new one) earning between 4% and 6% AER, and interest paying Current accounts earning 3%-5% AER. See list on post one here https://forums.moneysavingexpert.com/discussion/5374614
You don't need to switch accounts, but sometimes can get bonuses if you do.