H2B ISA v LISA 5th April Deadline

clairbear1000

Hi,


I have one of the Aldermore H2B ISAs which allows me to save £200 per month in the H2B but to also use the rest of my allowance in their std ISA.


I have just read about transferring my H2B to the LISA before the end of the tax year.


The reason I am thinking to do this, is house prices are likely to be over £250K in my area so I wont be able to use the H2B bonus.


Am I right to assume I can't transfer my H2B before the end of the tax year to the LISA because I also hold the other ISA account (which I have maxed out this year).


If not, that's fine, but I am also looking for a bit of advice for next tax year. Is the LISA the way forward for me?


As always, help and advice is much appreciated. thanks in advance.

Alexland

Yes if you have a Split Cash ISA then the whole current year contributions (to both the Cash and HTB parts) would need transferring which if it totals £20k contributions this tax year would breach the £4k LISA limit. In theory you could withdraw enough and then make the transfer but it's pretty much to late now.

Maybe open up a new LISA next tax year in a few weeks time and deposit £4k? We are not allowed to advise you on product suitability so read the LISA features for yourself and decide.