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Help 2 Buy issue
mb_y2k
Posts: 6 Forumite
Hello everyone,
Big fan of the forum, helped me out a lot over the years - hopefully this problem can be rectified!
I bank with Lloyds and opened a Help 2 Buy ISA in late November online.
I then went to transfer £1,200 around a week later into the ISA when I'd been paid.
In late December I then logged on again to pay in the £200 and realised I'd made a massive error - somehow transferred the £1,200 into my online saver, not my ISA.
At this point, my ISA had a balance of Nil and would only allow me to transfer in £200, as the ISA had been open more than a month.
Went into branch in early January to try and rectify this. I was told that because I opened the account my only option was to pay in £200 a month moving forward.
I asked about closing and reopening the ISA, but they said I couldn't do this. The annoying thing is the bank manager said "I can only pay into one ISA per year", but as my balance is Nil, surely I can still open a new ISA and therefore deposit the £1,200? Lloyds didn't seem interested in this option.
Therefore I have two questions:
1) Is is possible for me to open another Help to Buy ISA with another bank as I haven't paid into the one I opened with Lloyds?
2) Are Lloyds wrong (it was a small branch). If so, how best to approach this.
For some additional information, this is a bit of a last minute decision. I'm buying in June, so was just after a £400/£500 bonus. Therefore that rules out the Lifetime ISA.
Big fan of the forum, helped me out a lot over the years - hopefully this problem can be rectified!
I bank with Lloyds and opened a Help 2 Buy ISA in late November online.
I then went to transfer £1,200 around a week later into the ISA when I'd been paid.
In late December I then logged on again to pay in the £200 and realised I'd made a massive error - somehow transferred the £1,200 into my online saver, not my ISA.
At this point, my ISA had a balance of Nil and would only allow me to transfer in £200, as the ISA had been open more than a month.
Went into branch in early January to try and rectify this. I was told that because I opened the account my only option was to pay in £200 a month moving forward.
I asked about closing and reopening the ISA, but they said I couldn't do this. The annoying thing is the bank manager said "I can only pay into one ISA per year", but as my balance is Nil, surely I can still open a new ISA and therefore deposit the £1,200? Lloyds didn't seem interested in this option.
Therefore I have two questions:
1) Is is possible for me to open another Help to Buy ISA with another bank as I haven't paid into the one I opened with Lloyds?
2) Are Lloyds wrong (it was a small branch). If so, how best to approach this.
For some additional information, this is a bit of a last minute decision. I'm buying in June, so was just after a £400/£500 bonus. Therefore that rules out the Lifetime ISA.
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Note - sorry think I posted in the wrong topic! Just reposted in investments & ISA.0
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