Transfer Help To Buy ISA - what am I missing?

Colagott

Hi all,

after passively reading for a while, I found it's time to finally register and ask my first question.  (I apologise in advance that i cannot link to pages in question directly, apparently that isn't possible for new forum members.)

As for many others, the rates of my Help To Buy ISA have been slashed with Corona cited as the reason - to a rate barely above 0, so I am looking to transfer. I've looked around the page and the forum here and found HSBC and Halifax to be the recommended ones, with AERs of 1.75% and 1.7% respectively - on moneysavingexpert's own page savings/help-to-buy-isa/#bestbuys and in the forum (e.g. discussion/6160994/). What confuses me is that I can find others with higher rates, and I was wondering what I am missing, i.e. why those are not mentioned in either of those two links or elsewhere. It looks to me like they all allow transfer-ins? Specifically, there appear to be rates of 2.07% at Barclays and even 2.5% at Natwest (Sorry again, not able to provide links). I feel there must be something I'm overlooking given those are not mentioned especially on the recently updated Help to Buy ISA page here. Any advice appreciated!

Cheers!

eskbanker

The accounts you've found won't be available to open, even for transfers....

Colagott

Thank you eskbanker for the reply! Ok interesting, I thought that might be the case - is it just me, but I feel that that is totally not reflected in the descriptions on their sites - e.g. Natwest states the below:

Transferring an existing ISA to your Help to Buy: ISA

You may transfer an existing:

• cash ISA to your Help to Buy: ISA provided you don't exceed the maximum monthly allowances or
• Help to Buy: ISA with another ISA manager to your NatWest Help to Buy: ISA provided that your full balance is transferred and your existing Help to Buy: ISA is closed

- second to me reads like it is exactly my situation.

While for Barclays it's:

Transfers-In:

Yes. Transfers-in from other ISAs are permitted, subject to the monthly Help to Buy: ISA limits.

- that one indeed is less clear, that might refer to internal transfers only.

I might give Natwest a call to clarify - but worst case I'll just go with HSBC.

eskbanker

You have to be able to open an account before you can transfer into it, and it's that step that would trip you up if you tried with these.

https://personal.natwest.com/personal/savings/existing-customers/help-to-buy-ISA-customers.html

Our Help to Buy ISA is no longer available to new customers

https://www.barclays.co.uk/savings/isas/help-to-buy-isa/

Can I transfer-in from another ISA?

Yes, you can transfer-in using Online Banking, Telephone Banking (0345 744 5445 1) if you’ve registered for these services, or by visiting a branch. You’ll need to have opened a Help to Buy: ISA with us by the deadline of 30 November 2019.

checkly

Just been into HSBC branch to transfer my Santander HTB ISA and was told that they cannot open a new one so there is nothing to transfer into!?!

Aidanmc

checkly said:

Just been into HSBC branch to transfer my Santander HTB ISA and was told that they cannot open a new one so there is nothing to transfer into!?!

Unless this is a recent decision by HSBC you may have been misinformed! I transferred to HSBC H2B ISA recently using this form.

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/savings/HTB-ISA-application-form.pdf

margaretx9

Aidanmc said:

checkly said:

Just been into HSBC branch to transfer my Santander HTB ISA and was told that they cannot open a new one so there is nothing to transfer into!?!

Unless this is a recent decision by HSBC you may have been misinformed! I transferred to HSBC H2B ISA recently using this form.

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/savings/HTB-ISA-application-form.pdf

I would suggest the OP completes the form and sends it in by post to the Coventry PO box address thus bypassing the branch staff who may not be fully informed.
https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/savings/HTB-ISA-application-form.pdf
https://www.hsbc.co.uk/savings/products/help-to-buy-isa/
HSBC Bank
PO Box 6167
Coventry CV3 9HL
Worst they can do is say no. I did see on another thread they were suggesting you needed an HSBC current account to open a help to buy isa via a transfer - no idea if that is correct/new but its odd you would need a current account to open an ISA savings product?
Halifax is also accepting transfers as are some other providers I believe like YBS - but I got the impression on here it was hard work as you could only apply for the Halifax HTB isa by phone and one person suggested it took them 90 minutes of being passed around various people/long waits to get nowhere so they gave up!