Transferring into a LISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 428 views
Melvina92Melvina92 Forumite
2 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi there,


I'm looking at opening a LISA as it'll be a couple of years before I can purchase a property so it works better for me.


I'm looking at a Cash LISA and I'm confused about transferring in. It says they aren't accepting transfers in at the moment meaning I can't transfer my Help to Buy ISA savings into it as an opening deposit. However, you can make a deposit from a current account.


What I want to know is if I can withdraw the entirety of my Help to Buy ISA to my current account and then transfer it to my LISA from said current account?


Many thanks for any advice!

Replies

  • eskbankereskbanker Forumite
    18.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Yes, you can withdraw your HTB ISA balance and pay in as new cash, as long as it's less than £4,000 (the annual LISA allowance, regardless of transferring or subscribing) and that this wouldn't take your total ISA subscriptions for 2018/19 over £20,000.
  • Excellent thank you, I just wanted to check as it seemed like such an obvious work around that I thought I was missing something! My HTB ISA is much lower than £4000 sadly so I’m good to go!
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