Help to Buy ISA or LISA with a 3-5 year time limit?

Balwant | 29/05/2018 | 2

  • Lifetime ISA
  • Mortgage

Balwant's question in full

I have a Virgin Money stocks and shares ISA which I started in 2016 and pay £75 into a month. Can I take a new stocks and shares ISA with a new provider before the end of the tax year?

Helena Wardle, Certified Financial Planner's Response

Hi Balwant,

If you plan to keep the Virgin Money ISA and continue to pay in monthly while investing in the new Stocks and Shares ISA, then the answer is no. You are able to transfer the Virgin ISA to the new ISA provider and then contribute to it, but you would not be able to pay into both the Stocks and Shares ISAs in the same tax year. A more detailed explanation of the rules are below:

You can only invest money as a lump sum or monthly contribution into one Stocks and Shares ISA provider in a tax year but you can hold a Stocks and Shares ISA with more than one provider for ISA balances built up in previous tax years. There are now a number of ISA solutions to save into, including:

You can save into a combination of these but you cannot save into more than one of the same type of ISAs in the same tax year.

So, in the example you have given above you would not be able to save into both Stocks and Shares ISAs monthly in the same tax year if the money is invested with different Stocks and Shares ISA providers.  If you stop the monthly contribution on your existing ISA before the next tax year then you can decide to start a new Stocks and Shares ISA with another provider on the 7th of April 2019, as long as you only save into this Stocks and Shares ISA for the next tax year.

It’s worth considering what your objectives are before you go ahead and use more than one provider. If you are looking to save into different providers to invest in different funds or stocks then you could consider using what is referred to as a platform or online provider that offers a variety of investments almost like a ‘investment supermarket’. This is effectively a way of buying more than one fund or stock in one place allowing you to save into different investments on a monthly basis with one provider. The downside of this is that they normally charge you, but Boring Money has a Best Buys table that you can refer to with reviews and ratings on all the players.

I hope this helps,




Just be aware...

We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA. 

This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.

We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.

Our Expert


Helena Wardle

Helena is based at Smith and Wardle Financial Planning in Hitchin, Hertfordshire. She began her career in financial services in 2006 at the Nationwide Building Society and started advising clients in 2008. She's a Chartered Financial Planner with experience providing regulated financial advice on everything from mortgages to estate planning. She’s also a qualified pension transfer specialist and all-round good sort.

Related Questions

Got a Question?

Got a question? Ask our experts

Ask Our Experts

Sign up for Holly's blog

Stay up to date

Our free weekly blog with Holly's
no-nonsense opinions, tips & food for thought.
If you change your mind, you can unsubscribe at any time. We'll never share your details and you can unsubscribe any time.