Should I wait to apply for a Help to Save account?

Cookoospite

Hi,

I think I'm eligible for a help-to-save account but am due to switch to First Direct on the 3rd of February. Should I wait to apply until after the switch is completed?

eskbanker

Not sure I'm seeing any connection - what is it about switching a current account that you believe would affect, or be affected by, opening and managing a Help to Save account?

Cookoospite

They ask you to specify a bank account where funds will originate from.

eskbanker

Cookoospite said:

They ask you to specify a bank account where funds will originate from.

If you have a switch date confirmed for First Direct then you must have a current account up and running with them, so what would stop you funding HTS from there?

rjmachin

Are Help To Save accounts funded by direct debit?   Or is it like a nominated account like Marcus?

If it is a Direct Debit, would the direct debit be set up in time, if opening an account now, before the switch takes place for it to automatically get transferred over?

Band7

I can't see any reason for waiting with the opening of the HTS account.

I can see a reason for not delaying it. The sooner you pay in money, the sooner it will start earning interest. If you pay in £50 today, you can pay the next £50 as early as February 1. 

If the nominated account changes between now and the maturity date, I would expect that it can be changed in the HTS account.

Cookoospite

rjmachin said:

Are Help To Save accounts funded by direct debit?   Or is it like a nominated account like Marcus?

If it is a Direct Debit, would the direct debit be set up in time, if opening an account now, before the switch takes place for it to automatically get transferred over?

Thanks All, rjmachin's comment is why I was hesitating but will apply and go from there.