Help to Buy ISA - trapped with current provider?

leitmotif

The interest rate on my Help to Buy ISA has fallen. I'd like to transfer to another provider. However, the provider I phoned (Santander) says they won't accept transfers unless I have a Help to Buy ISA already open with them. I presume all providers will say the same. Does that mean I'm now stuck with my current provider? And does that mean that some people will be getting better interest rates because their current provider hasn't lowered the interest rate to the same extent?

eskbanker

leitmotif said:

However, the provider I phoned (Santander) says they won't accept transfers unless I have a Help to Buy ISA already open with them. I presume all providers will say the same.

No, https://www.moneysavingexpert.com/savings/help-to-buy-isa/#bestbuys includes information about which providers accept transfers.

leitmotif

Thanks, eskbanker.

Pretty limited choice that. I don't have an HSBC current account, can't get to Newcastle Building Society branch and the rate offered by Halifax is even lower than the rate I'm currently on.

Alexland

leitmotif said:

I don't have an HSBC current account

According to the note under that MSE table even holding £1 in their Flexible Saver would qualify as an existing customer.

https://www.hsbc.co.uk/savings/products/flexible-saver/

Rich2808

Alexland said:

leitmotif said:

I don't have an HSBC current account

According to the note under that MSE table even holding £1 in their Flexible Saver would qualify as an existing customer.

https://www.hsbc.co.uk/savings/products/flexible-saver/

Yes - that is correct as per their help to buy isa brochure too.

https://www.hsbc.co.uk/savings/products/help-to-buy-isa/

If you are an existing HSBC current account, Flexible Saver or Premier Savings customer, you can also transfer an existing Help to Buy: ISA to HSBC from another provider.