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Transfer Help to buy ISA to LISA?
SandraBam
Posts: 9 Forumite
Hi, my son has a Help to buy ISA and hopes to buy in about 3 years. He is able to save more than £2400 a year (the max you can put into Help to buy). Should he transfer his money to a LISA and increase his monthly saving or put his extra savings into a LISA and keep the Help to buy ISA. What would be the benefit of doing this as you can only claim the 25% bonus on one of the accounts.
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Comments
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The maths will depend on how much is already in the HTB ISA, as it can only be transferred to a LISA at £4K per tax year.
Edit: on reflection, a LISA transfer is likely to be the best answer anyway, regardless of whether there's £1 or £12K in the HTB ISA! He'd be able to get up to £16K into a LISA by 2025, all of which would earn 25% bonus, whereas the HTB bonus potential is capped at £12K, and the higher property value cap of the LISA may be a benefit too....1
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