pay into 2 ISAs in 1 year

jatinmistry_uk

Could someone please help/clarify:


I currently H2B ISA with Halifax that I have been paying. Making use of the split ISA option with Nationwide, I would like to transfer my H2B ISA to them and then continue contributing in H2B ISA as well as open cash ISA and contribute to total cash ISA limit.


However Nationwide says I am not allowed to do that since I have already started saving in H2B with another provider this year.


Is this correct? I thought transferring was allowed?

eskbanker

jatinmistry_uk wrote: »

Could someone please help/clarify:


I currently H2B ISA with Halifax that I have been paying. Making use of the split ISA option with Nationwide, I would like to transfer my H2B ISA to them and then continue contributing in H2B ISA as well as open cash ISA and contribute to total cash ISA limit.


However Nationwide says I am not allowed to do that since I have already started saving in H2B with another provider this year.


Is this correct? I thought transferring was allowed?

Transferring is allowed, as explained at https://www.nationwide.co.uk/products/savings/help-to-buy-isa/features-and-benefits:

To open this account you must:

• be aged 16 or over
• not have paid in more than the annual ISA allowance in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA and a Lifetime ISA in this tax year
• not have paid in to a cash ISA with another ISA manager in this tax year (unless you are transferring the money paid in to the other cash ISA to this one)
• be resident in the UK for tax purposes or, if not a resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the UK, or you must be married to, or in a civil partnership with, a person who performs such duties
• be an Eligible Customer as set out in the Government’s Help to Buy: ISA Scheme Rules - which includes never having owned a residential property.

For full details of the Scheme Rules, please visit https://www.helptobuy.gov.uk/isa (This link will open in a new window) or ask us for a copy in branch.

You can open this account:

• using the 'Start application' button below this Summary Box
• via our Internet Bank or Banking app - if you’re registered
• in branch
• by transferring from an existing Help to Buy: ISA held with another ISA manager.
  (The whole balance must be transferred and the account closed.)