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Halifax Help to Buy ISA
Saver123456789
Posts: 13 Forumite
Hi,
I have a Halifax Help To Buy ISA which I opened in December 2015 and I am planning to transfer this to the new Skipton LISA. Has anyone else done this and were there any penalties with Halifax or loss of interest for doing so?
Many thanks for your help,
I have a Halifax Help To Buy ISA which I opened in December 2015 and I am planning to transfer this to the new Skipton LISA. Has anyone else done this and were there any penalties with Halifax or loss of interest for doing so?
Many thanks for your help,
0
Comments
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Saver123456789 wrote: »Hi,
I have a Halifax Help To Buy ISA which I opened in December 2015 and I am planning to transfer this to the new Skipton LISA. Has anyone else done this and were there any penalties with Halifax or loss of interest for doing so?
Many thanks for your help,
No there's no penalties from Halifax as you would know if you read the terms of the account! The only penalty by transferring the whole Help to Buy ISA across to a LISA would be losing the 3.5% interest rate on the Halifax account.
So my recommendation would be to open a Skipton LISA with £1 now and wait until March 2018 to transfer to Skipton. If you have enough to easily fill the LISA allowance each year you could leave anything you put into the Help to Buy ISA since 6th April 2017 in the Help to Buy ISA and just transfer anything from before 6th April 2017 to a LISA. On top of that you can then put a further £3,999 in the LISA this year and then a further £4,000 in a LISA from 6th April 2018, while continuing to use the Help to Buy ISA as a regular savings account getting 3.5%.0 -
I am not aware on any exit fees however MSE Martin advises not to transfer until March 2018 if you have a better interest rate with your current provider as Skipton's is only 0.5%.Save £12k in 2017 / Dec 2017 Travel Cash = £12,400 / £14,000 88.5%[/COLOR]
House Deposit = £20,500 / £18,000:money:0 -
Yep am doing this!:beer:0
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