Help to Buy ISA and Cash ISA

StephenRBall

I have a Help to Buy Cash ISA with Nationwide that I have been paying into. It's quite likely that I will soon be using and closing this Help to Buy ISA in the next few months as I intend to buy a house soon. I wanted to make a few more payments into this ISA to squeeze the most benefit out of it. However, I was wondering, if I make a payment into this Help to Buy ISA after April will that prevent me being able to pay into any other Cash ISA for the remained of the tax year until April 2025 even if I end up closing the Help to Buy Cash ISA? I won't be paying into more that one ISA at a time, but I want to be able to pay into normal cash ISA after I have closed the Help to Buy ISA. Should I hold off on paying any more into my Help to Buy ISA from April 2024 if I want to pay into another normal cash ISA in the April 2024 to March 2025 tax year? 

wmb194

StephenRBall said:

I have a Help to Buy Cash ISA with Nationwide that I have been paying into. It's quite likely that I will soon be using and closing this Help to Buy ISA in the next few months as I intend to buy a house soon. I wanted to make a few more payments into this ISA to squeeze the most benefit out of it. However, I was wondering, if I make a payment into this Help to Buy ISA after April will that prevent me being able to pay into any other Cash ISA for the remained of the tax year until April 2025 even if I end up closing the Help to Buy Cash ISA? I won't be paying into more that one ISA at a time, but I want to be able to pay into normal cash ISA after I have closed the Help to Buy ISA. Should I hold off on paying any more into my Help to Buy ISA from April 2024 if I want to pay into another normal cash ISA in the April 2024 to March 2025 tax year? 

No, the rules are changing. From the 24/25 tax year you can pay into as many Isas of the same type as you like within the annual £20k limit.

StephenRBall

Oh ok. Thanks for clarifying. Much appreciated!

capprii

HI, several years ago I began paying into a monthly Government scheme to help my grandson get on the property ladder, still paying in to that one but....I am 99% certain I paid a lump sum, one off payment, into another Government scheme at the same time but have no idea how to track it down, very silly of me but I had assumed they would send statements every so often but as grandson has moved rental properties a couple of times since then he has not seen anything...anyway....I would love to know of any schemes that were running, pre 2020 at least, then I can make enquiries there.  thank you so much for taking the time to read this. 

eskbanker

capprii said:

HI, several years ago I began paying into a monthly Government scheme to help my grandson get on the property ladder, still paying in to that one but....I am 99% certain I paid a lump sum, one off payment, into another Government scheme at the same time but have no idea how to track it down, very silly of me but I had assumed they would send statements every so often but as grandson has moved rental properties a couple of times since then he has not seen anything...anyway....I would love to know of any schemes that were running, pre 2020 at least, then I can make enquiries there.  thank you so much for taking the time to read this. 

Help to Buy ISA was launched in 2015, allowing contribution of up to £200pm, plus a one-off initial one of up to £1000, and closed to new account openings in 2019.

Lifetime ISA was launched in 2017, allowing up to £4K per year, which could be paid in one lump if preferred.

Probably best to look back through your bank statements to identify where you were paying money to?