Cash isa and help to buy isa and help to buy bonus

Hi, I understand you are allowed to open a new cash isa once a year and pay into one cash isa per year. And as I understand it a help to buy isa is a Cash isa. My question is, can I pay into a separate cash isa and use the help to buy isa bonus for a house in the same year or is taking out and using bonus seen as the same as paying into? Also it sounds like from April the whole one cash isa thing is being abolished anyway? So would I be right in saying from April it wouldn’t matter if I paid into and opened as many cash isa while having my help to buy isa and using the bonus as a I liked?

Hi,

Yes it all changes in April and you can pay into more than 1 cash ISA. You cannot do that until 6 April 2024. as already paying into the help to buy ISA, you cannot open and deposit funds to a new cash ISA until then.

Thank you.

Hi, thanks for the reply, and I assume that is all fine too in reverse, taking the money out and getting the government bonus for the help to buy isa would not be effected? I haven’t paid into the help to buy isa in a year or so so assume I could set up the cash isa this financial year, and this would not effect my help to buy bonus?

Hi,

Opening another ISA, besides your lifetime ISA would not affect your help to buy bonus. You can see guidance here:

Individual Savings Accounts (ISAs)

Thank you.  

Hi, cheers, it’s a help to buy isa rather then a lifetime isa, but I assume that doesn’t matter, bonus wise

Hi street_spirit909,
You are right it doesnt matter.
Thank you.