Can I have a Lifetime ISA and a Help to Buy ISA?
You can have a Help to Buy ISA and a Lifetime ISA at the same time, and pay into both accounts in the same tax year, but you can only use the bonus from one of them towards buying a home.
You can also transfer a Help to Buy ISA into a Lifetime ISA, however please note that we’ve paused new ISA > LISA transfers in until the new tax year begins (6th April) – this is because any new transfer requests received at this point won’t be complete in time to count towards the 22/23 tax year.
If this was something you were looking to do, you could withdraw your current ISA funds and then redeposit them into your Moneybox Lifetime ISA before the end of the tax year. Our final weekly collection for this tax year will take place on the 5th April at 12pm, and you can also deposit via instant bank transfers up until 3pm on 5th April.
Please note that, by withdrawing your ISA funds and redepositing them into your LISA, this would count again towards your personal ISA allowance of £20,000 for the 22/23 tax year.
Outside of the above, transferred funds count as contributions in the tax year the transfer is made, rather than the tax year the funds were originally paid into the Help to Buy ISA.
If you have a Help to Buy ISA you’d like to transfer to Moneybox, you can request a transfer form in the app by going to Settings, then tapping on ‘Transfer’ and ‘Transfer in’. Transfers are processed electronically, so we’ll need to receive the completed transfer form either via the in-app chat, or via email at email@example.com.
Please note that we currently aren’t able to accept ISA or LISA transfers in from Ulster Bank, One Family, and National Counties.
What is the difference between the Lifetime ISA and the Help to Buy ISA? Read our blog post and see our comparison table below.