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Multiple Saving accounts?

JackOwen
JackOwen Posts: 1 Newbie
in ISAs & tax-free savings
Hello everyone,

I am a first time buyer saving for a house and currently have a Help to buy ISA.

I also have alot of savings in my current account which I could do with transferring to a savings account.

However, I'm a little confused.. Can I have both a help to buy ISA and another ISA/savings account? Will I be penalised in any way for having both?

Just got alot of money sat in my current account at the moment and it's not doing anything!

Thank you in advance
Jack 😁

Comments

  • jimjames
    jimjames Posts: 19,143 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    You can have any savings accounts you want. ISAs are more limited in that you can have one of each type per year. Not such a problem as the interest rates are better outside of cash ISAs anyway
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    HTB ISAs are a type of Cash ISA so you cannot contribute to another Cash ISA in the same tax year. Some providers offer Split Cash ISAs where both parts sit in the same Cash ISA wrapper.
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