Help To Buy ISA and old ISA transfer

mbiker

Hi,

I've looked everywhere but can't find an answer to my question.

I've opened only one ISA account in a previous tax year (October 2015 - Halifax Help To Buy ISA) and paid in regularly £200. Apart from this account I've also a Post Office ISA account with some money on it. The interest on the Post Office ISA has dropped to 0.5% and I'm wondering whether I can transfer the money from the Post Office ISA onto a new cash ISA with a better interest e.g. Virgin Money. If I transfer the money out from the Post Office ISA to the Virgin Money ISA (and I won't pay in any new money to the Virgin Money ISA), would I lose benefits of the Halifax Help To Buy ISA that I'm currently paying money into (£200)?

Could someone please advise?

eskbanker

You can transfer an old cash ISA to a newer one without affecting a current HTB ISA, given that you're not paying any new money into the one being transferred (make sure you use the new provider's transfer process).

However, check the quick links above for Top Savings Accounts and How to Start Saving for better ideas than a (non-HTB) cash ISA.

P.S. You did well to start a HTB ISA in October 2015, they weren't launched until December!

mbiker

eskbanker wrote: »

P.S. You did well to start a HTB ISA in October 2015, they weren't launched until December!

Sorry I was pretty sure it was October

Thank you very much for your help!