Help With S&S ISA

Alexland

Remember if you use the LISA including bonus towards a qualifying property purchase then you would not be able to claim the bonus on your HTB ISA.

TheBunting

kidmugsy wrote: »

If you specifically want to save at a higher rate for house purchase have you considered a LISA? You need to be under forty. You can put in up to £4k per tax year and the ever bountiful taxpayer adds 25% e.g. he adds £1k to your £4k.

The three current providers of Cash LISAs are building societies - the Nottingham, Skipton, and (I think) Newcastle.

I am doing a Help to Buy ISA already with my bank as at the time they offered a good interest rate. That takes up my Cash ISA slot, however I could easily save over and above the £200/month. Hence opening up this S&S ISA.

Update, got my transfer form filled out and sent away for transferring my old ISA over. Do I need this transfer to complete before I can deposit into this new ISA? Because I have transferred into my old one in this tax year.

Thanks.

eskbanker

TheBunting wrote: »

kidmugsy wrote: »

If you specifically want to save at a higher rate for house purchase have you considered a LISA? You need to be under forty. You can put in up to £4k per tax year and the ever bountiful taxpayer adds 25% e.g. he adds £1k to your £4k.

The three current providers of Cash LISAs are building societies - the Nottingham, Skipton, and (I think) Newcastle.

I am doing a Help to Buy ISA already with my bank as at the time they offered a good interest rate. That takes up my Cash ISA slot, however I could easily save over and above the £200/month. Hence opening up this S&S ISA.

Lifetime ISAs are a different type from cash ISAs (and S&S ISAs) so you can fund all three (or any two) concurrently in the same tax year....

TheBunting

eskbanker wrote: »

Lifetime ISAs are a different type from cash ISAs (and S&S ISAs) so you can fund all three (or any two) concurrently in the same tax year....

Yes, I am opening up a S&S to work as basically to work as my Lifetime ISA. Help to Buy and Online Savers are probably going to cover what I need for my house. I want the S&S ISA to be a more longterm saving method.

eskbanker

TheBunting wrote: »

Yes, I am opening up a S&S to work as basically to work as my Lifetime ISA. Help to Buy and Online Savers are probably going to cover what I need for my house. I want the S&S ISA to be a more longterm saving method.

So is it a S&S ISA or a S&S LISA that you're opening? They're two different products, one of which has a 25% government bonus (plus restrictions on contributions and withdrawals to be fair) and the other doesn't....

Alexland

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.

The rules are a but confusing as you can get either a cash or a s&s lifetime isa - and still have a cash isa (inc htb) and/or s&s isa elsewhere.

Alex

TheBunting

Alexland wrote: »

https://www.gov.uk/individual-savings-accounts


The rules are a but confusing as you can get either a cash or a s&s lifetime isa - and still have a cash isa (inc htb) and/or s&s isa elsewhere.

Alex

See, I'm confused now. What does my Help to Buy ISA come under then? Its just a standard S&S ISA Ive opened up because I already get a government bonus from the H2B ISA but it only lets me put £200/month in that and I can save several times that some months, hence the S&S ISA.

Alexland

Your HTB ISA is a Cash ISA.

TheBunting

Alexland wrote: »

Your HTB ISA is a Cash ISA.

Yes exactly, So I now want to set up a longer term S&S ISA that I can can invest in a few different funds over numerous years.