Lost out on putting the max of £1200 in the first month

Gardener_1

Hi can anyone help
I opened a help to buy ISA on 30th June and transferred £1 into it to make sure it went through ok before I transferred any more funds.
On the 1st July I then transferred the remaining £1199.00 to make it up to what I thought would be my first months £1200, thinking the month would go from 30th June to 30th July. The bank returned £999.00.


They said the £1 was classed as Junes deposit and £200 for July and there was no way to rectify this.


I have lost out on paying the max right at the very start because of this error. I am awaiting a call back tomorrow.


But in the meantime I read the terms and conditions and it says I have 14 days to cancel and I will not lose my right to invest in another ISA for this tax year. Does anyone know if I am interpreting this correctly in that I can close this account altogether and start afresh and put my £1200.00 in a new account?
Thanks for any advice.

masonic

You are interpreting it correctly. Even outside the cooling off period, there are 'self-transfer' rules that would enable you to close the ISA and start again elsewhere (once in any given tax year).

Do read the T&Cs on your next HTB ISA carefully. As you have discovered, some are not very flexible when it comes to making multiple/flexible payments.

Ed-1

Gardener_1 wrote: »

Hi can anyone help
I opened a buy to let ISA on 30th June and transferred £1 into it to make sure it went through ok before I transferred any more funds.
On the 1st July I then transferred the remaining £1199.00 to make it up to what I thought would be my first months £1200, thinking the month would go from 30th June to 30th July. The bank returned £999.00.


They said the £1 was classed as Junes deposit and £200 for July and there was no way to rectify this.


I have lost out on paying the max right at the very start because of this error. I am awaiting a call back tomorrow.


But in the meantime I read the terms and conditions and it says I have 14 days to cancel and I will not lose my right to invest in another ISA for this tax year. Does anyone know if I am interpreting this correctly in that I can close this account altogether and start afresh and put my £1200.00 in a new account?
Thanks for any advice.

As masonic says you can close an ISA once in a tax year and subscribe to another without any problems.

By the way it's certainly not a Buy to Let ISA as the one thing you can't do with it is purchase a house to let! Which Help to Buy ISA did you go for (which bank)?

Gardener_1

masonic wrote: »

You are interpreting it correctly. Even outside the cooling off period, there are 'self-transfer' rules that would enable you to close the ISA and start again elsewhere (once in any given tax year).

Do read the T&Cs on your next HTB ISA carefully. As you have discovered, some are not very flexible when it comes to making multiple/flexible payments.

Thanks, I got it all sorted.

Gardener_1

Yes, sorry about that -I keep calling it buy to let no idea why... Anyway all sorted now, thanks for taking the time to reply.

Ed-1 wrote: »

As masonic says you can close an ISA once in a tax year and subscribe to another without any problems.

By the way it's certainly not a Buy to Let ISA as the one thing you can't do with it is purchase a house to let! Which Help to Buy ISA did you go for (which bank)?