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Can I open a natwest help to buy and close my Lloyd's help to buy ?
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I have a help to buy with Lloyda but don't like the fact that if I put in money and take it out I cant put back in anything for a month , I try not to but with recent illness I've had to put in and out to cover.
I don't have any money in the help to buy with Lloyd's so it's been sitting empty for a while but now I am able to put in money.
I'd like to open a Natwest help to buy .
Am I too late to open a natwest help to buy and to shut down the Lloyd's account? My husband says I cannot do this but wanted to check .
Thank you
I don't have any money in the help to buy with Lloyd's so it's been sitting empty for a while but now I am able to put in money.
I'd like to open a Natwest help to buy .
Am I too late to open a natwest help to buy and to shut down the Lloyd's account? My husband says I cannot do this but wanted to check .
Thank you
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Comments
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lifeatthekings wrote: »I have a help to buy with Lloyda but don't like the fact that if I put in money and take it out I cant put back in anything for a month , I try not to but with recent illness I've had to put in and out to cover.
I don't have any money in the help to buy with Lloyd's so it's been sitting empty for a while but now I am able to put in money.
I'd like to open a Natwest help to buy .
Am I too late to open a natwest help to buy and to shut down the Lloyd's account? My husband says I cannot do this but wanted to check .
Thank you
It is a feature of Help To Buy that if you put £200 in for a month and then take it out again you can't add to it again that calendar month, its the way it works regardless of who it's with.
If you need unlimited two-way in and out access to money an easy access account would be better.
You could transfer your Help to buy to Natwest, but the accounts are closed to new openers as of the end of next month anyway, presumably you can continue to shift them around to maximise interest.0 -
H2B ISAs close to new customers on 30Nov19, but existing accounts will remain open. If you want to switch to a new provider then you need to get in quickly. I think there are restrictions if you've opened another ISA in the same tax year though, so you might want to look into that if it will affect you. Once opened (or it might be during the opening process - never done it so I don't know for sure), you need to arrange an ISA transfer - do not withdraw the money yourself as you will not be able to redeposit it due to the monthly deposit limits mentioned above.
The deposit limits are a part of the H2B scheme however, not a particular feature of the Lloyds product. All accounts will have the same restrictions.0 -
PRAISETHESUN wrote: »The withdrawal limits are a part of the H2B scheme however, not a particular feature of the Lloyds product. All accounts will have the same restrictions.0
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Just to be clear, there aren't any withdrawal limits on HTB ISAs but there's a contribution limit of £200/month (after month one), regardless of whether any withdrawals are made....
If you want more than £200 PCM then you could use a Lifetime ISA - but there are no many about at the moment - they may come back to life in December once the HTBs are no longer a option0 -
If you want more than £200 PCM then you could use a Lifetime ISA - but there are no many about at the moment - they may come back to life in December once the HTBs are no longer a option
However, they're definitely not suited to the likes of OP wanting easy access to their money, as there are 25% withdrawal penalties applied (except for first property purchase or after 60).0 -
If I out 200 in Lloyd's and take it out i cant then put more in the calander month until the next month but with natwest i can0
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lifeatthekings wrote: »If I out 200 in Lloyd's and take it out i cant then put more in the calander month until the next month but with natwest i can
https://personal.natwest.com/content/dam/natwest_com/savings/downloads/ISAs/help-to-buy-isa-key-features.pdf:Can I make withdrawals from a Help to Buy: ISA?
Yes – the NatWest Help to Buy: ISA is instant access and you may withdraw funds if you wish to.
However, you will only be able to pay back in up to the monthly subscription allowance and by making withdrawal(s) you may reduce or take longer to save for your bonus payment.
Example –
• You have built up a balance of £2,000 and you make a withdrawal of £800.
• You wish to pay back in £800.
• As the maximum monthly deposit is £200 per month, it will take a minimum of four monthly payments to get your balance back to £2,000.0
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