help to buy isa

defstar

I have recently opened my help to buy ISA, on 27th last month. The bank advisor there reckons I cant deposit into the account until the 27th June. I keep reading that by calendar months Im allowed to deposit on the 1st June and I am confused as to what is the correct advise. To add to the confusion my transfer from other account did not reach the ISA until the 6th June, I now have 1200 in the ISA but exactly when can I add to the funds

bowlhead99

The government says you can put in £1200 in your first month of having the account and up to £200 a month in later months.

You opened the account on 27 May and in your first month of having the account you have deposited £1200 so far. That's it, you're done, until you are in the second month of having the account, when you can put in another £200.

If you opened the account on 27 May you will not be into the second month of having the account until you get to 27 June.

If you want, you can wait until 1 July (instead of 27 June) to put the next £200 in for month 2, and do it on the 1st every month from now on. But you can't put your £200 in now and call the whole of June 'month 2'. June only started 4 days after the account was opened amd so clearly isn't the second month.

So, the bank advisor is right.

If you are right that they whole of June is month 2, then you shouldn't have put in £1200 on 6 June as you are only allowed to put £200 in during month 2.

So, it's pretty clear to me that 27 May to 26 June is Month 1 and 27 June to 26 July is Month 2 and so on.

LXdaddy

The definition of "month" MIGHT be different between banks. (like regular savers are sometimes on calendar month and sometimes on the month anniversary of opening)
But in either case if you put your first deposit of £1200 in on 6th June the next time you can deposit is in July.


Which Bank did you open it with? You should probably take a close look at the T&Cs.

defstar

Im with Santander


I just realised when he transferred my account over there was a little bit of interest of 22p, does this cause me a problem when I apply for the government bonus later on, or should I just put a little less in next calendar month