LISA & help to buy

alanot86

Hi

Does anyone know if a LISA and help to buy IS A can be opened in the same tax year? Confusion in the literature about this.. Are they classified as separate ISA products ?

Riff_Raff

Yes, they are seperate.

There are 4 types of ISA and you can have one of each:

cash ISAs
stocks and shares ISAs
innovative finance ISAs
Lifetime ISAs

HTB counts as a cash ISA.

However you can't claim the bonus from a HTB and a LISA to buy your first home.

aj23_2

And both their deposit limits count toward your overall annual ISA limit.

ashleybullock

So if you close your HTB ISA and transfer to a LISA can you then open a cash isa. All in the same tax year?

bowlhead99

ashleybullock wrote: »

So if you close your HTB ISA and transfer to a LISA can you then open a cash isa. All in the same tax year?

Yes. [extra text added to meet minimum number of characters required]

Dunroaming

My son puts the maximum into a HTB ISA, where is the best place for other savings?
He saves around £1000 a month total. TIA

eskbanker

Dunroaming wrote: »

My son puts the maximum into a HTB ISA, where is the best place for other savings?
He saves around £1000 a month total. TIA

Point him in the direction of:
https://www.moneysavingexpert.com/savings/lifetime-ISAs
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts