Can you have a help to buy ISa and a stocks and shares SIA?

Ok, a friend has a help to buy ISA he has been putting money into this year with Barclays. He also has a GIA with Revolut. Can he open an ISA (with Freetrade) this tax year or should he wait until next tax year?

If he’s not filled his ISA allocation for the tax year (which I think is impossible in a HTB ISA with the contribution limits) and not contributed to any other Stocks & Shares ISA (HTB ISA is cash and a different product anyway) then he can open a S&S ISA with Freetrade yes.

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There are four types of ISAs

  • Cash ISA
  • Stocks and Shares ISA
  • Lifetime ISA
  • Inovative Finance ISA

You can open one of each type within a tax year. So you can open 1 cash, 1 stocks and share, 1 lifetime, and 1 IF ISA in a tax year.

A Help to Buy ISA is a Cash ISA
The Freetrade ISA is a Stocks & Shares ISA

So as @jtm says, you can open both. And as noted all ISAs have a combined single contribution limit of Β£20,000 per tax year.

(note, the help to buy has one extra rule in that you can only have one help to buy ISA so cannot open another help to buy ISA in the next tax year, but you can open another cash isa in the next tax year)

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Ok, thanks! Sadly he opened an ISA with the competition (t212) as he already had a practice account there :frowning:

He can always transfer whenever he wants :smiley:

However an ISA with freetrade on a low amount of assets may not (or may) be a good idea since it will cost more than other platforms (0.15% at Vanguard for example is cheap up to a point).

And he can always get a GIA account with freetrade to test the waters. i expect good things over the next year