Help to Buy ISA guide

baguettes wrote: »

Hi all,
In a bit of a pickle. I have had my conveyancer apply for my HTB ISA bonus and received a rejection. The situation is:

Way back I started a Lloyds HTB ISA and put in £200. The next day I saw Nationwide had a better interest rate so withdrew my £200 and transferred it to a new Nationwide HTB ISA then continued to save only with Nationwide until applying for the bonus. I neglected to close the Lloyds HTB, which is my mistake.

Is there any way I can get around this mistake and receive my bonus?

Your biggest problem will be getting it sorted out in time to complete on the property. The following will be useful in doing so:

https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager#investor-repairs
Investor error - self transfer
ISA investors must transfer their ISAs through the ISA manager. Investors can’t transfer an ISA by closing it and opening a new ISA with the new ISA manager (commonly known as ‘self-transfer’), even if the investor is moving from one ISA product to another with the same manager.

Self-transfer is not available in respect of Lifetime ISAs.

However, where:
- the investor subscribes to 2 cash ISAs, in the same tax year
- subscriptions to the first ISA subscribed to were valid
- all of the current year subscriptions to the first ISA subscribed to were withdrawn (whether or not that ISA was closed) before subscriptions to the second ISA were made

The subscriptions to the second ISA may be valid, subject to the guidance below.

- The first cash ISA to be self-transferred in a tax year is valid, and need not be repaired.
- The second (and any subsequent) self-transferred cash ISA is not valid and is not eligible for repair.

The first cash ISA may be closed and all the funds held in the ISA withdrawn (including any subscriptions for earlier years) or the first cash ISA may remain open and after the self-transfer will hold only subscriptions which were made in previous years. If the ISA remains open, no further subscriptions can be made to it in the tax year of the self-transfer.

Ian_Pk12 wrote: »

Hello. I currently have a H2B ISA that has a declining rate, I would like to transfer to a new H2B with another provider. I read the last thread on this (2016?) but apologies, I didn't get an answer.

It seems that I cannot transfer the existing balance, but am limited to £1200. Is this correct?

Is there a way I can transfer the entire balance to a new provider?
Thanks

If the new account accepts inbound transfers then you can transfer the entire balance, provided that you use the new provider's ISA transfer process.

Ellen9753 wrote: »

I've read that the HTB ISA is available for those aged 18 to 39. I'm 40 in December this year, and I'm struggling to work out if that means that so long as I open the account before my birthday that I can continue to save after my birthday, or if I would only be able to deposit money until my 40th birthday.

I think you are getting confused between the Lifetime ISA (LISA) and the HTB ISA. The HTB ISA is open to those 16 and over with no upper age limit:

https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

Alex

Loulee23 wrote: »

Hi
Can someone tell me if it is possible to close my Help to buy ISA which i have had for a number of years but currently have no savings in to then go and re-open a new one to be able to put the £1200 into straight away?

My assumption would be they dont allow you to do this, but worth an ask!

Thanks

Louise

See this page: https://www.helptobuy.gov.uk/help-to-buy-isa/

Does this FAQ from that page answer your question?

If I transfer my Help to Buy: ISA to another bank, building society or credit union, can I put in the maximum initial deposit of £1,200 again?

No. You can transfer your Help to Buy: ISA to a different bank, building society or credit union, but your allowances will stay the same. So, even if you did not save the full £1,200 when you first opened your Help to Buy: ISA, you will not be able to save more than your monthly allowance of up to £200.

dekkard wrote: »

See this page: https://www.helptobuy.gov.uk/help-to-buy-isa/

Does this FAQ from that page answer your question?

If I transfer my Help to Buy: ISA to another bank, building society or credit union, can I put in the maximum initial deposit of £1,200 again?

A transfer is different to a closure/new account opening though.