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Stuck Paying in to Two ISAs
JarkayColt
Posts: 11 Forumite
For the last two years or so I've been paying into two ISAs simultaneously because together they are considered a "Portfolio ISA" (i.e. if the ISAs are with the same provider (in this case Nationwide) the allowance is split between them).
Not many providers seem to do this and so I can't seem to find any information about what happens should I want to transfer one of them to get a better rate. I know I could no longer contribute to both, but I wonder if the money would be considered to be in two separate accounts or need to be "consolidated" somehow. One's a Help to Buy ISA so I wouldn't want to lose the benefits associated with that account, and since that's the main one I pay into I feel like I'm stuck with the whole setup now.
I suppose one solution is to transfer it into a Lifetime ISA but I'm not too keen on locking it away for that long should I never buy a house (yes, I know that's kind of the point of the HTB but I'd like to keep some flexibility). Just wondering if anyone else did the same thing as me back when the portfolio ISAs were first talked-up and found some kind of workaround?
Not many providers seem to do this and so I can't seem to find any information about what happens should I want to transfer one of them to get a better rate. I know I could no longer contribute to both, but I wonder if the money would be considered to be in two separate accounts or need to be "consolidated" somehow. One's a Help to Buy ISA so I wouldn't want to lose the benefits associated with that account, and since that's the main one I pay into I feel like I'm stuck with the whole setup now.
I suppose one solution is to transfer it into a Lifetime ISA but I'm not too keen on locking it away for that long should I never buy a house (yes, I know that's kind of the point of the HTB but I'd like to keep some flexibility). Just wondering if anyone else did the same thing as me back when the portfolio ISAs were first talked-up and found some kind of workaround?
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