They are raising their fees to £5 a month which is around £60 a year, I can comfortably save around £500 a month, with a possibility of it actually being 600 700 a month.
So ideally I would want to send £200 of that to Halifax help to buy and the rest somewhere, but if I'm paying fees then is the interest going to be worth it really with Santander?
Iv been told pay in to one, I did have a bit of a confusing chat with the Halifax lady, iv probably paid in (around £3k in to my Lloyd's isa since roughly april last year, but that was purely for transferring money, as discussed its zero balance now. My savings are tied up in bonds)
So from my understanding, can I claim back bonds stick it in my Lloyd's isa, then do an isa transfer by ringing Halifax to transfer the £1200? Then set up a standing order?
If I can atleast kick off the Halifax part without having to wait until April that will be good, I can then look at where I'm sending the rest of my savings. One step at a time
No not quite.
Halifax actually have some quite good FAQs...
Can I transfer into a Help to Buy: ISA?
If you are transferring from another ISA, the transfer request must be made within 21 days of opening your Help to Buy: ISA account, and can only be used to fund part or all of your initial deposit up to £1,000. Your current year’s subscriptions must be transferred in full as you are only allowed to fund one cash ISA per tax year.
Do I have to move all the money in my ISA?
No, unless you are transferring current tax year ISA savings. Apart from this it’s up to you – you can transfer as much as you like from previous tax years. You could, for example, transfer your savings from the year before to the new cash ISA and leave your current tax year savings where they are.
If I’ve saved part of this year’s ISA allowance with another provider can I transfer this portion of my ISA and save the rest of the allowance with Halifax?
Yes you can. For example, if you’ve saved £2,000 in a ISA with another provider, you could transfer your ISA balances to Halifax and save the further £13,240 this tax year with us.
So you need to pay £1000 into your old ISA, setup your new Help to Buy ISA and fill in the transfer form, asking your old provider to close the ISA and transfer the full balance (but you do this from your new provider they send the instruction to close the account to your old provider)
You can then make new subscriptions to this ISA as its your current year ISA in effect.
The issue for a lot of people is they can be stuck, you have to transfer 100% of this years funding so if you have paid in more than £1000 your probably better waiting till April. For you you have already lost the tax benefit from the savings you withdrew, so pay in your £1000 and then transfer your ISA.
