Save now for help-to-buy isa?

hazellben

Hello, everyone. I am trying to find an answer to a question as Google is not giving me any clear answers.

I understand that if I want to get a help-to-buy isa in December, I cannot open a new cash isa in this tax year. I have had a cash isa for almost 3 years but I haven't really used it much. Since April, it has been empty. It's an old cash isa so I'm safe right now.

I'm with lloyds but the interest has gone down so I looked into another isa, and saw the help-to-buy isa. It says to start saving now for the best deposit of £1000. So, I have put a total of £300 in my old cash isa this month.

Now I just read on this site that even if I put money in an old isa, I technically cannot open a help-to-buy isa in December. Have I just screwed up my chances of opening a help-to-buy isa in December?

Any help would be greatly appreciated. Cheers

Ben

colsten

As you have less than £1,200 in your ISA, you will probably be able to transfer your ISA into the HTB ISA. If the HTB ISA will not allow any transfers in, you'll have to wait until next April.

Leaving the HTB ISA to one side: you will get a lot better interest in current accounts and in Regular Savings accounts than in ISAs.