H2B and LISA

lnnb22

My son has £2100 in his H2B and £7000 is a regular savings acc.  Yesterday he opened a LISA with Moneybox with £1000 from the savings with the intention of transferring all from his H2B but once opened they stated they had paused transfers until 6th April so he cannot transfer - wondering what he can do to get the best result this tax year?

j_netprofit

Nightmare that.

Would have suggested a Dodl LISA but you cannot pay into more than one of the same isa kind per tax year.

Can he invest 3k from his regular saver into the Moneybox LISA, then transfer from the help to buy in April?

eskbanker

lnnb22 said:

My son has £2100 in his H2B and £7000 is a regular savings acc.  Yesterday he opened a LISA with Moneybox with £1000 from the savings with the intention of transferring all from his H2B but once opened they stated they had paused transfers until 6th April so he cannot transfer - wondering what he can do to get the best result this tax year?

If Moneybox will still allow deposits for the rest of this tax year then he could simply withdraw the HTB ISA money and pay it in as new money, assuming he hasn't used much of his 2023/24 £20K ISA allowance elsewhere.