LISA AND ISA

GemmaMiles

Hi guys.

I have opened and deposited into a LISA this financial year. However I also have an existing Cash ISA - fixed term - finishing this year. Can I open a new fixed term cash ISA for this money to go into having already opened a LISA?

I know I can deposit into both types of ISA each year (up to the allowed limit) but everything I see on Lisa's suggests only 1 ISA can be opened each year. 

grumiofoundation

You can actually open as many ISAs as you like, the rule is you can only contribute (new money) into one of each type per year. 

Assuming the fixed term ISA is from a previous tax year you can transfer this to a new ISA (or ISAs since you can split previous years allowances). But you need to arrange for your provider to transfer, you can't take the money out and do it yourself.

You can also open a different cash ISA and pay this years allowance into this.