So, I use Freetrade for my investment portfolio & I use MoneyBox for my savings as they have automatic roundup and a decent interest rate on their savings account, additionally, I’ll probably look at using them for my pensions in the future.
Anyway, I wanted to open a lifetime ISA but I’m confused as how these work.
Are you limited to 1 lifetime ISA period or is it 1 per year?
Moneybox says I can open one of two ISA’s with them either:
Cash ISA - Deposit cash and use it as a savings account for mortgage or retirement
Stocks & Shares ISA - Have my savings invested into stocks and shares lifetime ISA
It says I can have one or the other (not both) as I said above, I have no interest in using MoneyBox for Stocks & Shares, at least not for now, so I’d probably want the Cash ISA, however will this mean I am then unable to open a Stocks & Shares ISA with Freetrade in the same year? What about after a year?
I’m confused to how these ISA’s work and would appreciate some clarity from people who hold either one of these ISA’s and may be able to help clear this up for me.
Thanks in advance for any replies!