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Can you have a LISA & Still pay into a normal existing ISA

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Can you have a LISA & Still pay into a normal existing ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
4 replies 643 views
Martin92Martin92 Forumite
3 posts
MoneySaving Newbie
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi everyone,

I recently opened a LISA with Money Box which I am paying 'X' amount into a week.

However I have an existing ISA which I HAVE NOT paid into this year, but would like to pay some money into it.

I have not opened another ISA this year...only a LISA...

Would this be a problem?

Thanks for your help in advance

Replies

  • eskbankereskbanker Forumite
    13.1K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Dates of opening aren't significant for this purpose, in that the rule is about which you can pay into in any given tax year - you can pay into multiple ISAs as long as it's no more than one of any given type, as per https://www.gov.uk/individual-savings-accounts:
    There are 4 types of ISA:
    • cash ISAs
    • stocks and shares ISAs
    • innovative finance ISAs
    • Lifetime ISAs
    You can put money into one of each kind of ISA each tax year.
  • Rich2808Rich2808 Forumite
    951 posts
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    eskbanker wrote: »
    Dates of opening aren't significant for this purpose, in that the rule is about which you can pay into in any given tax year - you can pay into multiple ISAs as long as it's no more than one of any given type, as per https://www.gov.uk/individual-savings-accounts:

    Just to add to the above you can invest in more than one cash isa each year - including a help to buy isa - if you invest with a split isa provider (e.g. Nationwide, RBS/Natwest, Aldermore etc).
  • SaweSawe Forumite
    3 posts
    So hypothetically, if I opened up a LISA last month, I can open up a Cash ISA too, as long as the total in both is not above £20,000 ? or does it only apply to already opened ISAs?
  • masonicmasonic Forumite
    13.5K posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    Sawe wrote: »
    So hypothetically, if I opened up a LISA last month, I can open up a Cash ISA too, as long as the total in both is not above £20,000 ? or does it only apply to already opened ISAs?
    Yes you can open a cash ISA and fund it with whatever remains of your £20k allowance, if the only other ISA you've funded this tax year is your LISA.
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