Why are Skipton saying "You can only open one Lifetime ISA per tax year."

I've searched around and surprised this hasn't been asked more already.


How are you supposed to transfer an existing LISA if you can't open two in one year?

I thought the rules surrounded paying in to accounts, not opening them anyway. :huh:


  • le_loup
    le_loup Posts: 4,047 Forumite
    Oh you can. But you can't subscribe to more than one. Same as ordinary ISAs.
  • Alexland
    Alexland Posts: 9,639
    First Anniversary Photogenic Name Dropper First Post
    I agree but that message doesn't stop you pushing the continue button. Their how to transfer-in a LISA webpage suggests you already need to open their account before initiating a transfer. Suggest you phone them if unsure.
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    ISA regulations don't regard an ISA as open until money is placed in it.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • Spir4
    Spir4 Posts: 80
    First Anniversary First Post

    Sorry to hijack this thread, but it's related.
    Skipton offers a cash Lifetime ISA. A Help to Buy ISA is a cash ISA as well. Does this mean you can't open both in the same year? Or is Skipton's cash Lifetime ISA not defined as a cash ISA?

  • eskbanker
    eskbanker Posts: 29,855
    First Anniversary Name Dropper Photogenic First Post
    Lifetime ISAs are a category in their own right, as per https://www.gov.uk/individual-savings-accounts:
    There are 4 types of ISA:
    • cash ISAs
    • stocks and shares ISAs
    • innovative finance ISAs
    • Lifetime ISAs
    You can put money into one of each kind of ISA each tax year.
  • Spir4
    Spir4 Posts: 80
    First Anniversary First Post
    That's what I thought, but just to be safe :)

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