Help To Buy ISA- Only 1 Standing Order is accepted. Relatives can't contribute to it!

Legacy_user

Hi
I have been informed by Halifax today that the Help to Buy ISA only accepts one Standing Order Payment of up to £200. I am aware of the £200 limit and that only Standing Order payments are accepted however I thought that I could set one up for £40 from my bank, Uncle for £60 from his, child £100 from his total £200 by Standing Order albeit by three Standing Orders not just one. But no, only one Standing Order is allowed. Therefore we will pay into my child’s Regular Saver and then my child has to make the payment in one full Standing Order payment. Have I been informed correctly?

Thanks

Archi_Bald

It would be prudent to follow Halifax's advice / the terms and conditions of the Halifax HTB ISA.

VT82

Sounds likely. Same condition with my kids 6% regular saver.

A bit annoying really as we pay in £50 monthly by standing order, and when he gets £50 birthday money for example, would much rather just do another payment than either adjust the standing order for one month or pay the extra £50 into his kids saver 2.25%. Halifax, you are great on the whole, but can be a nuisance sometimes!

bowlhead99

An ISA is an Individual savings account. For individuals to put their money into. So if it's your child's account, your child is the one that needs to have money to pay into it. If he/she doesn't, you and uncle need to give the child some money so that the child can put the child's money into the Individual Savings account.

There is a limit how much can be put in, and if the child wants to get free money from the government to help towards getting their house, they need to be able to sign all the statements about qualifying criteria and then dutifully save *their* money into the account.

It's not some free-for-all where every man and his dog can save into it.

coyrls

The single payment restriction is a Halifax restriction not a scheme restriction, see: https://www.helptobuy.gov.uk/help-to-buy-isa/faq/

Can I make multiple deposits into my Help to Buy: ISA during a single month?

Yes. As long as your provider’s terms and conditions allow it, you can make multiple deposits of up to £1,200 in your first month, and up to £200 in following months.

colsten

There are no laws, and no T&Cs I have seen, that say the money deposited into an ISA must be money the account holder can demonstrate is "theirs". (General anti-money laundering laws excepted)

ISA providers can limit the number of deposits that you, or someone on your behalf, can make. Halifax limit it to 1 a month, and it has to be made by the 25th of a month, plus it has to be done by SO. Other ISA providers have much less restrictive deposit rules, and also pay much less interest in the HTB ISA.

If several people want to contribute to a single Halifax HTB ISA, the easiest is obviously that all the money gets collated into the current account from which the monthly SO gets made.

tara747

Newlook wrote: »

Hi
I have been informed by Halifax today that the Help to Buy ISA only accepts one Standing Order Payment of up to £200. I am aware of the £200 limit and that only Standing Order payments are accepted however I thought that I could set one up for £40 from my bank, Uncle for £60 from his, child £100 from his total £200 by Standing Order albeit by three Standing Orders not just one. But no, only one Standing Order is allowed. Therefore we will pay into my child’s Regular Saver and then my child has to make the payment in one full Standing Order payment. Have I been informed correctly?

Thanks

Your child?


You have to be over 16 to have a HTB ISA.

jimjames

tara747 wrote: »

Your child?
You have to be over 16 to have a HTB ISA.

Children can be over 16.

"Do you have children?" "Yes I have a son of 35 and a daughter age 30."

coyrls

colsten wrote: »

There are no laws, and no T&Cs I have seen, that say the money deposited into an ISA must be money the account holder can demonstrate is "theirs". (General anti-money laundering laws excepted)

And, anyway, once the money is deposited into an ISA it is "theirs" (i.e. the account holder's).

Westie983

You have been told informed correctly, HTB ISA is one SO each month of up to £200.

I suggest to customers to either collate money into a current account and then send the SO once funds are at the value needed.

PeacefulWaters

Newlook wrote: »

Hi
I have been informed by Halifax today that the Help to Buy ISA only accepts one Standing Order Payment of up to £200. I am aware of the £200 limit and that only Standing Order payments are accepted however I thought that I could set one up for £40 from my bank, Uncle for £60 from his, child £100 from his total £200 by Standing Order albeit by three Standing Orders not just one. But no, only one Standing Order is allowed. Therefore we will pay into my child’s Regular Saver and then my child has to make the payment in one full Standing Order payment. Have I been informed correctly?

Thanks

A few seconds on their web site:
http://www.halifax.co.uk/isas/cash-isas/help-to-buy-isa/

You can pay into the account once a month by standing order. This must be received by the 25th of the month.

I think you have been informed correctly.

Simply send the money to another account and send the standing order across from there.

The information is also repeated within the T&Cs (starting on page 19):
http://static.halifax.co.uk/assets/pdf/isas/pdf/cash-isa-account-conditions.pdf