Help to buy ISA Opening account

C_Rossco · 7 October 2019 at 5:48PM

Hi all I am hoping someone can help.

Last year I opened a help to buy cash isa with Halifax I did so as I was hoping to start saving then however circumstances changed and I never ever added anything into the Help to Buy OSA however now I am in the position to start my savings. Anyway because I opened this account nov last year does this mean I cannot put in my £1200 first payment? And only £200? Can I close this account and open again? And pay in £1200 or can I open with a different bank and add in £1200?

Thanks for your help

eskbanker · 7 October 2019 at 7:11PM

Halifax's terms are clear that you can only pay the initial £1000 within the first 21 days of opening the account, so if it's still open you can pay in up to £200/month.

https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#919a24ea-e1f7-648f-8ce9-ff0000ad17aa confirms that:

If I close my account, can I open a new Help to Buy: ISA?

If you hold a Help to Buy: ISA, and close it without claiming your government bonus, you can open a new account in the following tax year (provided the new account is opened before 30 November 2019).

so if it's still open then you can't close it now and restart again, but if your account was closed by Halifax (due to lack of funding) before 6 April 2019 then you should be OK to open a new one and start again with £1200.

Help to buy ISA Opening account

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free