More questions than answers perhaps I'm trying too hard!

polymaff

Abestar111 wrote: »

I've asked my 2 daughter's to sign up to TESCO current account so I can put in £3000 each to fund a HALIFAX HTB ISA.

A Halifax HTB ISA in whose name?

badger09

polymaff wrote: »

A Halifax HTB ISA in whose name?

Presumably in the names of each of his 2 young adult daughters;)

xylophone

One daughter has used her home address- family home where she rollover lives-

Is she currently living in the family home or elsewhere?

xylophone

Another thought - you wanted to gift each of your daughters £12,000.

Each can open the Halifax HTB with £1000 lump sum.

They could each have two Tesco current accounts.

Assuming that they each open two current accounts, you could deposit £3000 in each as an opening deposit.

The above means that each daughter uses £7000 of your gift, so that there is £5000 left over.

The HTB could be funded by SO from one of the accounts for fifteen months and from the other for another fifteen months.

Would each of them be in a position to open a Lloyds Club account subsequently? This would hold the £5000 remaining of the gift.

£1500 could be sent between a Tesco and Lloyds to meet the monthly funding requirement - if DDs were required, then each daughter could open a Tesco Internet saver and Instant Access Saver for these.

Abestar111

xylophone wrote: »

Another thought - you wanted to gift each of your daughters £12,000.

Each can open the Halifax HTB with £1000 lump sum.

They could each have two Tesco current accounts.

Assuming that they each open two current accounts, you could deposit £3000 in each as an opening deposit.

The above means that each daughter uses £7000 of your gift, so that there is £5000 left over.

The HTB could be funded by SO from one of the accounts for fifteen months and from the other for another fifteen months.

Would each of them be in a position to open a Lloyds Club account subsequently? This would hold the £5000 remaining of the gift.

£1500 could be sent between a Tesco and Lloyds to meet the monthly funding requirement - if DDs were required, then each daughter could open a Tesco Internet saver and Instant Access Saver for these.

A lot of good logical thinking here!
1.Issue here is getting one TESCO account open never mind 2..
2. Even I seem to be having difficulty with a 2nd Tesco account, they've not automatically approved it and will get back in touch.
3 The problem seems to be my need to move my cash as I'm sitting on a hot potato :eek: money I need to manage. My daughter who does not live at home but considers it to be her permanent address has applied to open a Tesco account. So I think there could be a hold up as they want passport and utility bill which will obviously be in her own current address she is renting....although appreciative they genuinely are too busy to focus on the HTB ISA,. So if it works out they can have £4.2k each . £1.2 k being initial kick start of HTB. In view of the above, the rest of it will have to be sorted later.
4.I am not going to risk joint accounts as they are more likely to be financially risky as they have probably not got much of a track record on their credit score.
5 I need to keep it simple.:eek: Finally, is it ok just to put max £3000 in Tesco or did I need to put in monthly amount?.

LXdaddy

Abestar111 wrote: »

<snip> Finally, is it ok just to put max £3000 in Tesco or did I need to put in monthly amount?.

Yes the TESCO current account is not a monthly saver. You can simply transfer £3000 as soon as the account is open.

Abestar111

Thanks LXdaddy. Info on Tesco thread is likely to be out of date- note to self- check date of post.
However interested to know why they ask in the application how much a month you'll be putting in? Advised daughter not to leave it blank, say £300. She did not want to misrepresent and felt uncomfortable. Not sure what she did in the end.
Afraid I'm not enjoying this steep learning curve and unfortunately I am still stuck in the second stage of becoming competent . The first one being unconsciously incompetent. I am in the CONSCIOUSLY INCOMPETENT stage and I HATE IT! (Have your morning laugh on me&#55357;&#56864;)xx

badger09

Abestar111 wrote: »

Thanks LXdaddy. Info on Tesco thread is likely to be out of date- note to self- check date of post.
However interested to know why they ask in the application how much a month you'll be putting in? Advised daughter not to leave it blank, say £300. She did not want to misrepresent and felt uncomfortable. Not sure what she did in the end.
Afraid I'm not enjoying this steep learning curve and unfortunately I am still stuck in the second stage of becoming competent . The first one being unconsciously incompetent. I am in the CONSCIOUSLY INCOMPETENT stage and I HATE IT! (Have your morning laugh on me��)xx

Your post did make me smile - but not laugh. Consciously Incompetent is way better than Unconsciously Incompetent;)

Most (all?) banks will ask how much you intend to pay in each month, and often want to know the source. IMHO it is always better to be honest in such applications. As there is now no minimum monthly payment required for Tesco, I can't imagine they'll reject an application based solely on that figure of £300.

Please let us know how you get on, and don't be afraid to ask questions here. We're (generally:o) a friendly bunch, especially if you do some research first and come here for clarification, rather that simply fire a series of questions, most of which could be answered by reading the T&Cs first. On which point - the current T&Cs will always trump what anyone says on here;)