How to transfer from HL S&S LISA to a cash LISA?
JustAnotherSaver
Posts: 6,709 Forumite
I just read this post here and in order to transfer money from a HTB ISA to a cash LISA i understand that an already opened S&S LISA (with Hargreaves Lansdown) will need to be transferred to the cash LISA first before the HTB ISA.
This will all need to be sorted out by next April anyway so the S&S LISA will need sorting sooner rather than later.
Having never done any transfer like this myself how do you actually go about it?
I once tried closing a HL account but it left a few quid behind that it didn't seem i could withdraw. I guess i just didn't know how to use the account features or something though because surely you should be able to withdraw the lot.
In the accounts in question there's a S&S ISA that wants to remain as it stands but also a S&S LISA that will need to be transferred.
This will all need to be sorted out by next April anyway so the S&S LISA will need sorting sooner rather than later.
Having never done any transfer like this myself how do you actually go about it?
I once tried closing a HL account but it left a few quid behind that it didn't seem i could withdraw. I guess i just didn't know how to use the account features or something though because surely you should be able to withdraw the lot.
In the accounts in question there's a S&S ISA that wants to remain as it stands but also a S&S LISA that will need to be transferred.
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Comments
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As the only cash LISA provider is Skipton BS, you need to open up the cash LISA with them and then follow their instructions at http://www.skipton.co.uk/savings/isas/transferring-your-isa0
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The reason you couldn't withdraw the full HL account balance was because they were probably protecting their account closure fee.0
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I've just checked out the link.As the only cash LISA provider is Skipton BS, you need to open up the cash LISA with them and then follow their instructions at http://www.skipton.co.uk/savings/isas/transferring-your-isa
It says to list up the HL account number - no problem but this account number will link to a Stocks & Shares ISA as well as a Stocks & Shares LISA. I take that the answers are as follows...
1) Lifetime
2) Yes
3) ALL
4) Yes
My concern with 3 - all is will it transfer only the LISA version of this stocks & shares account? Wouldn't want to risk transferring any of the S&S ISA version of the account.
Another note...
Section 4 - it mentions providing identification. How would they expect that? Would photocopies be fine enough or would you have to send off actual driving licences for example?0 -
Reading the transfer form it says to send it off with the application form.
So 2 forms?
Looking on the site the application is done & managed online and the end step is the deposit step but obviously if you already have a lifetime isa elsewhere then you can't deposit.0 -
Suggest you give them a phone call to check the detail but it seems logical you would need to complete a form to apply for the LISA account and then another to transfer from the old LISA provider.
On the concern that the ISA also transfers - if you haven't opened an ISA then Skipton shouldn't ask HL to transfer it. Even if they made an error and did transfer both or the wrong one then HL would itemise the account balances and Skipton would identify the error and return the money.
If you want to reduce this risk further I would suggest you sell you holdings in the HL LISA to cash so it's clear which account to transfer.0
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