ISAs and Switching

Olu_O

Hi all, fairly new to the forum and would like some advice. I opened a LISA back in December just to get the clock ticking - I put £1 in and left it. I had already been saving into a cash ISA and a help-to-buy ISA for quite some time (split ISA with the same provider) and have a good amount saved. Unfortunately the interest rate is now so low that I'm looking to move my money. I understand you can pay into a LISA and a cash ISA in the same year (correct me if I'm wrong), so what I'm looking to do is to change to a cash ISA provider with a better rate, close my help-to-buy, transfer £4K into the LISA (because of the annual £4K limit) and put the rest of the money into the new cash ISA.
Is that sound reasoning?? Would anyone advise differently? Is there a better approach?

Thanks!

P.S. I intend to use the LISA towards a new home.

eskbanker

Non-HTB/Lifetime cash ISAs aren't typically particularly good value for money so you may find you'd get a better return on your money if you used taxable accounts, especially given the personal savings allowance that means no tax actually payable for many on their savings interest.  Much depends on what "a good amount" really means and what your objectives and timescales are for the money, but have a read through the main MSE savings articles:
https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

grumiofoundation

You can have as many ISAs as you want - you can only pay new money into one of each type (cash and LISA are different types) each year so you don't need to close the HTB ISA in order to pay into LISA. If your help to buy ISA is a better interest rate than other accounts available might be worth keeping this open. 

As above unless you are close to personal allowance probably worth looking at non-ISA accounts.  

Olu_O

Thanks both.
eskbanker, those articles look great so far, thanks. Will look some more into non-ISA accounts 
grumiofoundation, good point about the HTB; just compared interest rate with others available at the moment and it's similar, so may actually keep it open.