Cannot put any money into help to buy ISA

puregeordie

Hi, I've just help my son open a Help to buy cash ISA with the halifax, This was back in the beginning of November 2019. We only stuck £100 just to open it and would like just to put another £100 into his account but it says NO!!

I have no idea why it says this and it also says my allowance is £0 when we have only stuck £100 and the balance is £100 and only opened it a few months ago..

Anybody any ideas or is there a problem that we are unaware of with the account, Really disappointing and feel what's the point in having it if I can't put anymore money into it and just stuck with £100 for many years to come.:mad:

Error
9100212: Unfortunately, we cannot process your transaction. You may be trying to fund a fixed rate ISA outside of the 60 day funding window, or your request may not comply with Help to Buy: ISA funding rules. If you are trying to fund your Help to Buy: ISA you may have exceeded your initial deposit amount of £1000, tried to deposit more than £200 a month, or tried to make more than one deposit in a calendar month. For more information on funding rules, please refer to the key features on the Help to Buy: ISA or fixed rate ISA product pages.

The ISA limit for this tax year is £20,000. This is the total you can pay in to all your ISAs, not counting Junior ISAs.
You can only pay into one cash ISA in each tax year. A flexible ISA allows you to withdraw and pay back into the same ISA account within the tax year. Any amount you do withdraw from your flexible ISA will be added to your remaining allowance for that tax year.
Your remaining allowance for the current tax year is £0.

puregeordie

Just had a look and I think I have to setup a standing order which is stupid. I thought I could just put money in however and whenever I wanted and was not told about this.

masonic

Yes, funding is by standing order only, which is stated quite clearly when applying for the product and is also stated in the account conditions:

"To save each month you:
• Can pay in up to the Government’s maximum amount. This is the ‘monthly deposit’.
• Must pay your monthly deposit by one standing order, which we must receive on or before 25th of the month.
• Can change the amount of your monthly deposit, and you do not have to pay in every month.
• If you transfer your Help to Buy: ISA to or from another ISA provider, you can choose to pay your monthly deposit either into your existing Help to Buy: ISA before transfer or your new Help to Buy: ISA after transfer, but not both.
Please remember that your monthly deposit to your Halifax Help to Buy: ISA must be made by standing order received on or before 25th of the month."

sully1311

Always read key product information carefully

badger09

puregeordie wrote: »

Just had a look and I think I have to setup a standing order which is stupid. I thought I could just put money in however and whenever I wanted and was not told about this.

The T&Cs told you:cool:

However, there is still plenty of time to set up a SO for this, and future months.

If your son doesn't want to pay the same amount in each month, he can always alter the SO amount each month. A bit of a faff, but there you go.

puregeordie

Thanks peoples, Much appreciated for your posts. Lesson learned about reading T&C's. I have setup a standing order and were all good. thanks Again for your help.