Yes – you can open a Lifetime ISA if you already have other types of ISA, as long as you are eligible for the account.
Please keep in mind that your government imposed personal ISA usage allowance of £20,000 per tax year is shared across all of the types of ISAs that you have. The Lifetime ISA allowance of £4,000 per tax year counts towards this overall £20,000 per tax year ISA allowance.
One other thing to note is that you can have both a Help to Buy ISA AND a Lifetime ISA, but when the time comes to buy a home, you can only use the bonus from one of these types of account towards the purchase. For more info on transferring the funds from your Help to Buy ISA into a Lifetime ISA, read this article.
Written by Polly
Updated over 9 months ago