Help to buy ISA and Cash ISA

Hi all, I have a help to buy ISA that I've contributed £1000 into this tax year (22/23). I recently opened a cash ISA at the end of March and paid £10,000 into this also. I have just learned that that these are classed as the same type of ISA (Cash ISA). Am i correct here? and have i accidentally paid into two cash ISAs in the same year? I am still well with in my ISA limit of £20,000. Thank you

Hi,

There are 4 types of ISA. You can put money into one of each kind and the total from all ISA's cannot exceed £20000 each year. You can see guidance here:

Individual Savings Accounts (ISAs)

Thank you.

Hi, I have some questions about Cash ISA: 1. If I put £20,000 in a Two Year Fixed Rate Cash ISA account on 30-Mar-2022 (the two years term is fixed by the bank). Does that means I have already used up the £20,000 quota for both 2021/22 and 2022/23 tax years ? Or just 2021/22 ? 2. Assume I keep that account to the end of the period until 29-Mar-2024, I can just cacel that Cash ISA account and take out all the deposit and interest tax free ? Thank you.

Hi,
 

It will be 21/22 only as this is when the payment was put in. The fixed term is only in relation to the interest rate applied  . Thank you.

Hi, I have a query about the rules on Cash ISAs. I opened a new Cash ISA in this financial year and transferred a previous ISA into it. As it’s a fixed rate ISA, however, I haven’t been subsequently been able to pay in any new contributions (i.e. there was a window for contributions which has now closed). As I therefore haven’t made any new contributions into a Cash ISA so far this financial year, can I now open another Cash ISA and pay into that (and retain my existing, fixed rate ISA), or does having opened my existing ISA (even if I haven’t then made any new contributions into it) mean that I can’t open another Cash ISA in this financial year? Thank you

Hi Md80,
You cannot open two Cash ISA in the same year, you will now need to wait until next year.
Thank you. 

Hi, If I'm currently funding a help to buy ISA, Am I allowed to open a cash ISA (given that I'm allowed to put very little into the help to buy monthly)?

Hi Camilo Ramirez,
Yes, you can as the help to buy is now no longer a new account.
Please see guidance here:
Individual Savings Accounts (ISAs)
Thank you. 

Hi, I don't feel I have full clarity regarding answer to the question above about whether you can pay into both a Help to Buy and Cash ISA in the same tax year (provided you're within your 20,000 allowance). The answer to this also looks variable when researching online. Please can you confirm HMRCs stance on this and whether, as a holder of both, this is is approrpriate to do. Thank you.

Hi calmokhtar,
Please refer to:
Individual Savings Accounts (ISAs)
Please check with the ISA providers who will be able to guide you on this matter
Thank you. 

Hi, my son has a help to buy isa and pays in £75pm. I am trying to set up a standing order to send £100pm from my account but it keeps failing. Is there a reason for this? Can you only pay in once? Or only from the owners account? Any advice would be great thanks.

Hi Cabiscuit

The ISA rules, set by HMRC, say that contributions to an ISA must be made with your own cash.
You can add cash to your own ISA using a debit card or transfer from a bank account in your name - or a joint account you own.

Thank you