Help to Buy ISA

firsttimebuyer15

Hello,

I am a little confused on the rules of opening one of the new help to buy ISA's. I have an existing ISA that i opened in 2014 so in the previous tax year but i have paid into this year as well. To open a help to buy ISA can i just move what i have paid in this tax year back to my savings? and then use some of this for the initial £1000 deposit in the new help to buy ISA.

Thanks

eskbanker

Your question, along with many others, is answered in the MSE article about HTB ISAs....

tripled

In theory no - you are only allowed to pay into one cash ISA per year, irrespective of what you transfer out. However, some providers allow you split your ISA into "pots", so under the same account you can have a cash element and help to buy element. Nationwide is the best payer of these, so you could transfer your isa to them. See the MSE article for a more detailed (and perhaps more coherent) explanation:

http://www.moneysavingexpert.com/news/savings/2015/12/new-help-to-buy-isas-free-cash