Are you able to move a Help-to-buy ISA in full to Monzo?

Financial Chat
1

Currently with Nationwide and have a Monzo account but want to make it my full time bank.

Can I move everything across or should I keep my Help-to-buy ISA with Nationwide and just transfer £200 using a standing order?

2

Well considering Monzo dont offer a Help to Buy Isa I dont think thats even possible?

Personally if that was me I’d keep it open for the HTB Isa unless you fancy transferring that across to another HTB Provider.

There is nothing stoping you from having your salary being paid in and Direct Debits coming out of your monzo even with the Nationwide one open :slight_smile:

3

Unless you want to lose 25% of what’s in your H2B ISA, I wouldn’t.

I have a LISA with another provider and then pretty much everything else with Monzo - nothing stopping you from doing the same!

Maybe when Monzo (if Monzo) open a H2B you might be able to port it over but I’d leave it for the time being!

4

Good stuff. Cheers guys.

5

You can actually do a partial switch if you want to, this will keep your other account open and they send you a list of direct debits you’d like to transfer.

6

Monzo used to do that, however I think that this was dropped in favour of a full CASS or nothing. I think this was due to some DDs and incoming payments not moving over correctly.

I also think Monzo don’t do ISA transfers IN and as they don’t have a Help-to-Buy ISA you’d lose 25% of what you have in your ISA if you pulled the money out.

1 Like
7

For HtB ISAs you don’t lose any of the money you put in, you’d just lose the potential additional 25% bonus (because the bonus isn’t added monthly like it is with the LISA).

But yeah, definitely leave your HtB ISA open and transfer the £200 into it from your Monzo account - there’s no sense closing it :slightly_smiling_face: