Help To Buy Isa

[TheDevil]

If someone were to open a help to buy ISA before the 30th of November 2019 and put 12K straight into the account, would they still be entitled to the 3K from the government, or do you have to put money into the account in instalments?

[Nical]

I think there's a limit of £1200 on the initial deposit.

[Nical]

I've checked the government website. There's no point putting in the £1200 as the minimum government payment is £400 - but that's only available when £1600 has been paid in/saved.

[woofgang]

Somebody else asked about this recently. Has there been an ad campaign or something.

[-SharonA-]

I believe it is ending soon. Yes Saturday is the last day.
https://www.moneysavingexpert.com/savings/help-to-buy-ISA/

[ubasses]

After 30 November you will need to get a Lifetime ISA.
https://www.gov.uk/lifetime-isa

[TheDevil]

On the initial payment when opening the account you can put in anywhere from £1 - £100,000

To reap the rewards of the ISA to make it worth it, you need to put in 12K to get the maximum contribution from the government possible which is 3K per person.

My question is... Do you still get the 25% from the government if you pay in the 12K in one instalment?

[Nical]

I've checked the government website and it really doesn't seem possible to pay in £12,000 at the beginning, so I can't understand your figures.

[TheDevil]

It is possible. I opened one yesterday. It gave me the opportunity to put in £1 - £100,000.

I was wondering, if I put in 12K now, would I still get the 3K from the government, or does the government only pay on instalments instead of a lump sum?

[TheDevil]

For example. On the lifetime ISA page.. it says "You can put in up to £4,000 each year, until you’re 50.". This indicates you can't put in a lump sum.

But, my question is regarding the help to buy ISA.

[TheDevil]

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/413899/Help_to_Buy_ISA_Guidance.pdf

[237SJ]

It says here that your solicitor applies for the bonus when you buy your first property https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

[THECORBYLOON]

"Is there a limit on how much I can save in a Help to Buy: ISA?

Yes. The maximum amount you can save every month is £200. In the first month you can save an additional £1,000."

https://www.helptobuy.gov.uk/help-to-buy-isa/faq/

[TheDevil]

It also states that

"save up to £200 a month into your Help to Buy: ISA. To kickstart your account, in your first month, you can deposit a lump sum of up to £1,200."

This is odd, HSBC gave me the opportunity to put up to £100,000 into the account. This also indicates that I need to make monthly instalments of £200.

[237SJ]

It couldn't have been a regular (cash) ISA account because you can only put in £20,000 per tax year

[TheDevil]

Maybe I am getting confused with the 100,000 figure then...

[TheDevil]

I applied via this link - https://www.hsbc.co.uk/savings/products/help-to-buy-isa/#apply