Help needed on filling in the HSBC Help to Buy ISA transfer form

polkasquares

Hello,

I'm looking to transfer my existing Help to Buy ISA account to HSBC Help to Buy ISA and I need some help on completing the form as I'm confused by the wording on what they are asking me.

I'm a newbie so it's not letting me post the link to the application form to this post, but on page 9 of the application form, there are two questions which I don't understand.

Current Years Subscriptions:

Do you want to transfer current tax year subscriptions to HSBC? (funds added to the ISA you are transferring since 6 April) Yes/No

If you ticked “Yes”, how much have you subscribed this tax year?

Is this question asking me whether I have already deposited money into my Help to Buy ISA in this tax year? Wouldn't every applicant want to transfer current tax year subscriptions to HSBC if they are thinking of switching to HSBC? Am I missing something here?

AND

Previous Years Subscriptions:

Do you want to transfer previous years subscriptions? Yes/No

The ISA Regulations state that a Help to Buy: ISA must be transferred as a whole. Partial transfers are therefore not allowed.

I'm confused on this question - wouldn't the answer be yes? Is this question asking me whether I want to transfer ALL the money I have in my existing Help to Buy ISA to HSBC Help to Buy ISA?

Can someone please explain this to me in layman terms?

eskbanker

I wouldn't overthink it - if you're transferring a HTB ISA with current and prior year money then just answer yes to both questions, and don't worry about what the significance of alternative answers would be!  Such wording tends to be government-approved standardised text across all ISA variants so shouldn't be seen as indicative of non-compliant transactions being countenanced....

vermania

Do you know their website says the Help to Buy: ISA has now closed to new applicants?
https://www.hsbc.co.uk/savings/products/help-to-buy-isa/
I went to switch in February, but somehow they lost the form on the way to head office. When I have looked into it again I noticed they aren't accepting new applicants but as you've found, the transfer form is still available online!
Have a go and see if they will take it... it was a good rate after all.

polkasquares

vermania said:

Do you know their website says the Help to Buy: ISA has now closed to new applicants?
I went to switch in February, but somehow they lost the form on the way to head office. When I have looked into it again I noticed they aren't accepting new applicants but as you've found, the transfer form is still available online!
Have a go and see if they will take it... it was a good rate after all.

Really? I've interpreted their wording as meaning that they're not letting people open Help to Buy: ISA accounts for those who don't already have one as the scheme is now closed but they are still allowing people who have an existing Help to Buy: ISA with another provider to transfer to them...? My current provider has reduced the interest rate and when I saw on this website that HSBC and Halifax are currently offering the best interest rates, I decided to transfer the funds to one of them.

Miranda25

Polkasquares, are you going to open HSBC bank card also? Or how would you check your transfer? Would it be enough just to use online banking? 

Aidanmc

polkasquares said:

vermania said:

Do you know their website says the Help to Buy: ISA has now closed to new applicants?
I went to switch in February, but somehow they lost the form on the way to head office. When I have looked into it again I noticed they aren't accepting new applicants but as you've found, the transfer form is still available online!
Have a go and see if they will take it... it was a good rate after all.

Really? I've interpreted their wording as meaning that they're not letting people open Help to Buy: ISA accounts for those who don't already have one as the scheme is now closed but they are still allowing people who have an existing Help to Buy: ISA with another provider to transfer to them...? My current provider has reduced the interest rate and when I saw on this website that HSBC and Halifax are currently offering the best interest rates, I decided to transfer the funds to one of them.

Its ok, you can transfer the H2B ISA to HSBC. I did it recently using the application form mentioned. Was processed rather quickly also considering a postal application, around 7-10 days.

polkasquares

Miranda25 said:

Polkasquares, are you going to open HSBC bank card also? Or how would you check your transfer? Would it be enough just to use online banking? 

I already have a HSBC bank card account with them. I would imagine that it's perfectly fine to just use online banking to access and check that the transfer has gone through as long as you're not a technophobe. I think they will contact you be it by text, by letter or through an email to confirm that the transfer has been completed so that you can then start making new deposits into the account as you're not allowed to make any deposits into the account until they have completed the transfer.

Miranda25

polkasquares said:

Miranda25 said:

Polkasquares, are you going to open HSBC bank card also? Or how would you check your transfer? Would it be enough just to use online banking? 

I already have a HSBC bank card account with them. I would imagine that it's perfectly fine to just use online banking to access and check that the transfer has gone through as long as you're not a technophobe. I think they will contact you be it by text, by letter or through an email to confirm that the transfer has been completed so that you can then start making new deposits into the account as you're not allowed to make any deposits into the account until they have completed the transfer.

It was a question of security. For example, I use card reader to login online with Nationwide. Don't they use the same card reader in HSBC bank? Is it secure to login online if I do not have bank card and card reader?

svivek

HSBC is saying that unless you have a current account with HSBC, you cannot transfer in a Help to Buy ISA from another provider. This is not evident on their web site, nor on the moneysaving expert web site.
We wasted a morning going to our local HSBC branchwith a completed form to be told that we could not transfer in.
Please make this clear on the moneysaving expert web sits. Many thanks.