Open New Cash ISA and Transfer from and close old Help to Buy ISA

adamnew
adamnew Online Community Member Posts: 29 Connected
edited April 9 in Money and bills

Hello. Is it possible to Transfer In from an old Help to Buy ISA into a new Cash ISA?

The reason I ask is because when trying to transfer in, there is a question asking "Which type of ISA do you want to transfer from?" With the below options only:

Cash ISA – complete section a
Stocks and shares ISA – complete section b
Innovative finance ISA – complete section c
Lifetime ISA – complete section d

In this example should I try contact the bank directly to get confirmation or does anyone who has done this before remember what they did? Thanks.

Comments

  • OverlyAnxious
    OverlyAnxious Online Community Member Posts: 5,425 Championing

    Hi,

    I moved mine into a normal savings account as I don't need the tax benefits of an ISA, so not quite the same situation.

    As the Help To Buy ISA has been obsolete for a few years now, I would try putting it down as a Lifetime ISA from those options. That is the current equivalent. Though if you can contact the bank to ask, that's probably the best option.

    Don't forget you'll lose the 25% government top-up by moving to a normal ISA if you are still intending to buy a property in future.

  • adamnew
    adamnew Online Community Member Posts: 29 Connected

    Thanks for your reply. The £3k bonus would be a great help, but It’s not looking promising that I can buy a home, so I thought consolidate the two ISAs into just one which has a high return.

    I’m now reconsidering though. I’ll go and give it more thought. Thanks.

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