Help to Buy ISA - Close and open a new one

CreepyNick

I've just applied for a help to buy ISA, but I've just noticed that the interest is paid annually instead of monthly. I was thinking of closing the account and opening a new one with a different bank so that it is paid monthly ,whereas it seems that you have to wait until the following tax year to open a new one, by this point they've stopped. Firstly, is this true or could I open a new one immediately?

The reason being that if I do purchase a house before the annual interest is paid, I could be missing our on that previous 10 month etc interest, or have I got the wrong idea here?

Alexland

Don't worry about the interest payment schedule - when you eventually close the account the HTB ISA provider will calculate the interest earned each day up to the account closure date and include this in the final balance you get paid and claim a bonus on.