Can you have a LISA & Still pay into a normal existing ISA

Martin92

Hi everyone,

I recently opened a LISA with Money Box which I am paying 'X' amount into a week.

However I have an existing ISA which I HAVE NOT paid into this year, but would like to pay some money into it.

I have not opened another ISA this year...only a LISA...

Would this be a problem?

Thanks for your help in advance

eskbanker

Dates of opening aren't significant for this purpose, in that the rule is about which you can pay into in any given tax year - you can pay into multiple ISAs as long as it's no more than one of any given type, as per 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.

Rich2808

eskbanker wrote: »

Dates of opening aren't significant for this purpose, in that the rule is about which you can pay into in any given tax year - you can pay into multiple ISAs as long as it's no more than one of any given type, as per https://www.gov.uk/individual-savings-accounts:

Just to add to the above you can invest in more than one cash isa each year - including a help to buy isa - if you invest with a split isa provider (e.g. Nationwide, RBS/Natwest, Aldermore etc).

Sawe

So hypothetically, if I opened up a LISA last month, I can open up a Cash ISA too, as long as the total in both is not above £20,000 ? or does it only apply to already opened ISAs?

masonic

Sawe wrote: »

So hypothetically, if I opened up a LISA last month, I can open up a Cash ISA too, as long as the total in both is not above £20,000 ? or does it only apply to already opened ISAs?

Yes you can open a cash ISA and fund it with whatever remains of your £20k allowance, if the only other ISA you've funded this tax year is your LISA.