Can I have both a Help to Buy ISA and a Lifetime ISA?
Yes, you can hold both a Help to Buy ISA and a Lifetime ISA – with different providers if you choose to. And you can pay into both types of account during the same tax year. But you can only get the government bonus on one of them when you buy your first home.
For instance, you could use the bonus from your Help to Buy ISA when you buy your first home, and your Lifetime ISA (and its bonuses) when you turn 60 for retirement.
Just remember, the bonus for a Lifetime ISA and Help to Buy ISA is paid differently. For a Help to Buy ISA, you receive a 25% government bonus based on what you save, up to a maximum of £3,000. It’s paid to you when you reach the completion stage of buying your first home.
For a Lifetime ISA, the 25% bonus can be up to £1,000 a year. But unlike a Help to Buy ISA, the bonus is monthly, directly into your Lifetime ISA account. We’ve an FAQ explaining when the Lifetime ISA government bonus is paid.
Keep in mind that you can no longer open new Help to Buy ISAs, so this question only applies to you if you've already opened a Help to Buy ISA.