Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Jko91
    • By Jko91 3rd Dec 17, 7:29 PM
    • 2Posts
    • 0Thanks
    Jko91
    Help-to-buy and cash ISAs
    • #1
    • 3rd Dec 17, 7:29 PM
    Help-to-buy and cash ISAs 3rd Dec 17 at 7:29 PM
    Let's say I have £20k in a fixed cash ISA, and £20k in a defined access cash ISA (of which £5k was paid in this year, and so is "new savings").

    If I want to open and start contributing into a help-to-buy ISA, what do I have to do with the money in the two cash ISAs?

    Do I have to take everything out of both accounts and put into non cash ISA accounts, or just the £5k saved this year (in the defined access cash ISA)?

    If the second option, can I then roll up the £35k of old money (20+15) into a single cash ISA next year?
Page 1
    • Neil Jones
    • By Neil Jones 3rd Dec 17, 8:56 PM
    • 1,013 Posts
    • 559 Thanks
    Neil Jones
    • #2
    • 3rd Dec 17, 8:56 PM
    • #2
    • 3rd Dec 17, 8:56 PM
    No. Just open a H2B Isa and use an ISA transfer form to do a part-transfer for the initial £1200 from the account you paid the £5k into.

    You can only contribute to one cash ISA per year. A H2B ISA is classed as a Cash ISA but you can have as many previous tax year ISAs as you "want", that's just an ISA you paid into in previous tax years.
    • AirlieBird
    • By AirlieBird 3rd Dec 17, 9:17 PM
    • 740 Posts
    • 522 Thanks
    AirlieBird
    • #3
    • 3rd Dec 17, 9:17 PM
    • #3
    • 3rd Dec 17, 9:17 PM
    No. Just open a H2B Isa and use an ISA transfer form to do a part-transfer for the initial £1200 from the account you paid the £5k into.
    Originally posted by Neil Jones
    The OP can't do that. The £5k has to be transferred in full and you can't transfer £5k into a HTB ISA. The OP could transfer to a provider that offers portfolio/split cash ISAs, where the allowance can be spread over both a standard Cash ISA and HTB ISA.
    • Jko91
    • By Jko91 3rd Dec 17, 9:31 PM
    • 2 Posts
    • 0 Thanks
    Jko91
    • #4
    • 3rd Dec 17, 9:31 PM
    • #4
    • 3rd Dec 17, 9:31 PM
    The OP can't do that. The £5k has to be transferred in full and you can't transfer £5k into a HTB ISA. The OP could transfer to a provider that offers portfolio/split cash ISAs, where the allowance can be spread over both a standard Cash ISA and HTB ISA.
    Originally posted by AirlieBird
    Could I withdraw the £5k, transferring £3.8k to a regular savings account and £1.2k to a HTB ISA?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,074Posts Today

6,733Users online

Martin's Twitter