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Help-to-buy and cash ISAs
Jko91
Posts: 4 Newbie
Let's say I have £20k in a fixed cash ISA, and £20k in a defined access cash ISA (of which £5k was paid in this year, and so is "new savings").
If I want to open and start contributing into a help-to-buy ISA, what do I have to do with the money in the two cash ISAs?
Do I have to take everything out of both accounts and put into non cash ISA accounts, or just the £5k saved this year (in the defined access cash ISA)?
If the second option, can I then roll up the £35k of old money (20+15) into a single cash ISA next year?
If I want to open and start contributing into a help-to-buy ISA, what do I have to do with the money in the two cash ISAs?
Do I have to take everything out of both accounts and put into non cash ISA accounts, or just the £5k saved this year (in the defined access cash ISA)?
If the second option, can I then roll up the £35k of old money (20+15) into a single cash ISA next year?
0
Comments
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No. Just open a H2B Isa and use an ISA transfer form to do a part-transfer for the initial £1200 from the account you paid the £5k into.
You can only contribute to one cash ISA per year. A H2B ISA is classed as a Cash ISA but you can have as many previous tax year ISAs as you "want", that's just an ISA you paid into in previous tax years.0 -
Neil_Jones wrote: »No. Just open a H2B Isa and use an ISA transfer form to do a part-transfer for the initial £1200 from the account you paid the £5k into.
The OP can't do that. The £5k has to be transferred in full and you can't transfer £5k into a HTB ISA. The OP could transfer to a provider that offers portfolio/split cash ISAs, where the allowance can be spread over both a standard Cash ISA and HTB ISA.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
AirlieBird wrote: »The OP can't do that. The £5k has to be transferred in full and you can't transfer £5k into a HTB ISA. The OP could transfer to a provider that offers portfolio/split cash ISAs, where the allowance can be spread over both a standard Cash ISA and HTB ISA.
Could I withdraw the £5k, transferring £3.8k to a regular savings account and £1.2k to a HTB ISA?0
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