Help to Buy ISA Transfer query

Hi Folks!

I opened the easy access isa with Virgin Money at 3% a few months ago and funded it with 20k. The only other isa I have is a help to buy isa with Halifax which I haven't deposited into for 2 years and it has 12k in for the maximum bonus. I decided against opening a lifetime isa in case I never get the opportunity to buy a property and I don't want to tie up money in a cash lisa for retirement (unless it can be transferred to a S&S lisa closer to my 40th?). However as Hsbc's help to buy isa is offering 1% more interest than Halifax and accept transfers in, I was considering doing so now that I hold a current account with them.
Is this something I can do despite funding my new isa with virgin money this financial/tax year? I assumed the money within my help to buy isa would be considered "old" money and therefore I could but I wasn't sure if upon transfer to a help to buy isa with a different bank that it would make it "new" money and that I would have to wait until April 6th to do so. Ideally I'd want to deposit money into my Virgin Isa from April 6th.

Thanks in advance!

Replies

  • eskbankereskbanker Forumite
    25.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    ISA transfers (as long as they're properly executed as such by the receiving provider) don't count as new money, so can be made at any time if they only contain prior year contributions, without affecting, or being affected by, your current year allowance.
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