Depositing into an ISA

EFC1234

Hi, I’m not sure if this is a silly question but I have a help to buy and a lifetime ISA my plan is that if I don’t buy within the year I will move the money from the H2B to the LISA. However what I don’t understand is if I can only put £200 in a month that will take me about 4 years to save up the maximum? And the LISA is £4000 a year. So I guess what I’m asking is how can I reduce the time scale on this and deposit more money in there? Is that even an option, it feels restricted by time but I don’t want to be waiting 4+ years before I can use the full scheme.

eskbanker

There won't be any shortcuts but LISA gives the greater bonus-earning opportunity at £4K/year.  However, what's your starting position, in terms of what balances you have in each just now?

Alexland

Also remember there is no maximum bonus on a LISA so you would have to contribute until age 50 to 'use the full scheme'

woodend686

I opened a Fixed-Rate Post Office ISA by transferring all funds from an old ISA. They don't allow further new-money deposits - can I open another ISA  with another provider to deposit up to £20000 new money?
Thank you

Alexland

If you just asked the new provider to perform an ISA transfer from previous tax year(s) that doesn't count as a contribution of new money. As such you are fine to use your current year allowance in any new ISA.