Opened H2B ISA in November 2019, can I open cash LISA now?

vic_msn

I opened a H2B ISA before the deadline in November, I have now opened an cash LISA account with Moneybox and put £1 into it,
earlier today I received a generic email from my bank stating one cannot open multiple ISAs in the same year.
What will happen to my LISA now? Can I close it and reopen again next tax year?

Thanks

kuratowski

A HTB ISA is a Cash ISA.  The rule is you can only open one of each type of ISA per year, and a Cash LISA is different type of ISA from a Cash ISA (I know, the names are confusing!).  End of the story is you're fine, you can keep your LISA open and carry on paying money into it.

Btw, you can only get the bonus from either the HTB ISA or the LISA to buy your first property, so you'll have to make that choice later on.

vic_msn

kuratowski said:

A HTB ISA is a Cash ISA.  The rule is you can only open one of each type of ISA per year, and a Cash LISA is different type of ISA from a Cash ISA (I know, the names are confusing!).  End of the story is you're fine, you can keep your LISA open and carry on paying money into it.

Btw, you can only get the bonus from either the HTB ISA or the LISA to buy your first property, so you'll have to make that choice later on.

That is a relief, thanks for explaining.