Educate me on ISA please

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I have used up my ISA quote for this calendar year (up to 5th April 2017) in cash ISA account.

Could I transfer money from cash ISA account to Help To Buy ISA before the next calendar year starts?

I am thinking of doing this because cash ISA account has very low interest rates. I would rather put the money in help to buy ISA.
Another night of thankfulness.

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  • masonic
    masonic Posts: 23,474 Forumite
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    Options
    You are aware of the contribution limits for the HTB ISA, yes?

    Option 1: Transfer your cash ISA to a split ISA provider like Nationwide, who would allow you to hold a cash ISA and HTB ISA effectively as one ISA account. You could then transfer the maximum amount allowed from one to the other each month.

    Option 2: Withdraw all of the money paid into your cash ISA in this tax year, then you are free to open and contribute to a HTB ISA anywhere you like.
  • jimjames
    jimjames Posts: 17,668 Forumite
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    Or option 3. Use HTB ISA for maximum possible amount and use regular savers and current accounts for further savings to get the best interest rates
    Remember the saying: if it looks too good to be true it almost certainly is.
  • badger09
    badger09 Posts: 11,247 Forumite
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    jimjames wrote: »
    Or option 3. Use HTB ISA for maximum possible amount and use regular savers and current accounts for further savings to get the best interest rates

    But not before 6th April:cool:
  • elephantrosie
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    hi all, thanks for the replies.
    unfortunately, i may have not worded my question well because i am not getting answers to it.

    Could I transfer money from cash ISA account to Help To Buy ISA before the next calendar year starts?

    i have used up my limit for this year. i wonder if i could withdraw some money from my cash isa account and put it in h2b isa?

    say i withdraw 200 pounds and put in h2b isa before the next calendar year start?
    Another night of thankfulness.
  • isasmurf
    isasmurf Posts: 1,999 Forumite
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    edited 14 March 2017 at 11:35PM
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    The answer to your question is on the Help to buy site.
    I already have a cash ISA – can I open a Help to Buy: ISA too?
    If you have paid into a cash ISA this tax year, in order to open a Help to Buy: ISA, you will have to transfer your active cash ISA to a Help to Buy: ISA. You can transfer up to £1,200 of your active cash ISA balance into your Help to Buy: ISA.

    Anything more than this should be moved into either a stocks and shares ISA, an Innovative Finance ISA, or a non-ISA account. However, the total amount saved must not exceed the annual subscription limit for ISAs.

    Alternatively, some ISA managers offer portfolio ISAs which allow you to hold multiple ISA products within a cash ISA wrapper. You can still only subscribe to one cash ISA but it can be made up of one or more cash ISA products, including a Help to Buy: ISA. The standard cash ISA and Help to Buy: ISA allowance limits will still apply.

    Savers are recommended to speak to ISA managers to discuss the options they have.

    - See more at: https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#sthash.DnjI3Jac.dpuf
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