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  • FIRST POST
    • bmouthboyo
    • By bmouthboyo 10th Jun 17, 4:09 AM
    • 69Posts
    • 4Thanks
    bmouthboyo
    Skipton Lifetime ISA Warning
    • #1
    • 10th Jun 17, 4:09 AM
    Skipton Lifetime ISA Warning 10th Jun 17 at 4:09 AM
    On the main MSE Lifetime ISA page here Martin warns:
    One small warning: Skipton has a T&C which allows them to stop accepting transfers in. It hopes not to have to activate it, but if too many people transfer at one time, it could stop them to allow it to give good customer service to all. It may therefore pay to transfer earlier rather than later.
    Does this mean transfers from other ISA's or does it mean they might not allow people to deposit say £3999 towards the end of the Tax year in April?
Page 1
    • isasmurf
    • By isasmurf 10th Jun 17, 6:07 AM
    • 1,718 Posts
    • 738 Thanks
    isasmurf
    • #2
    • 10th Jun 17, 6:07 AM
    • #2
    • 10th Jun 17, 6:07 AM
    Thanks for highlighting this. It means transfers from other ISAs. This means that it may not be prudent to keep saving in a HTB for the rest of the year to maximise interest and transfer it to the LISA next March.
    • bowlhead99
    • By bowlhead99 10th Jun 17, 2:13 PM
    • 6,692 Posts
    • 11,889 Thanks
    bowlhead99
    • #3
    • 10th Jun 17, 2:13 PM
    • #3
    • 10th Jun 17, 2:13 PM
    It means transfers from other ISAs. This means that it may not be prudent to keep saving in a HTB for the rest of the year to maximise interest and transfer it to the LISA next March.
    Originally posted by isasmurf
    But someone else will accept transfers in if Skipton don't, so next March you can just move your Skipton LISA to that other place and the HTB ISA to that other place too.

    The Skipton rate of half a percent is not so compelling that you'd want to move any significant money into it now (from your existing HTB or from a decent current account or savings account or other ISA) to avoid the 'threat' of them stopping accepting transfers later.
    • greenglide
    • By greenglide 10th Jun 17, 2:26 PM
    • 2,840 Posts
    • 1,819 Thanks
    greenglide
    • #4
    • 10th Jun 17, 2:26 PM
    • #4
    • 10th Jun 17, 2:26 PM
    ... and when (if?) other providers offer cash LISAs Skipton may readdress this particular term?
    • LuxLuke
    • By LuxLuke 10th Jun 17, 4:59 PM
    • 3 Posts
    • 0 Thanks
    LuxLuke
    • #5
    • 10th Jun 17, 4:59 PM
    • #5
    • 10th Jun 17, 4:59 PM
    I called about this and they said it's only for extreme circumstances where you've basically done something which is against the rules. I.e. Opened two LISA's, already done a transfer into another ISA, transferring would mean going over the £4k limit for the year, etc.

    So as long as you follow the ISA rules, you should be fine, I've just opened mine but I'm waiting until September to transfer to get my annual interest from Halifax.
    • Leedslad8t6
    • By Leedslad8t6 14th Jun 17, 9:26 PM
    • 22 Posts
    • 2 Thanks
    Leedslad8t6
    • #6
    • 14th Jun 17, 9:26 PM
    Skipton Cash ISA charge/tarrif?
    • #6
    • 14th Jun 17, 9:26 PM
    Hello,

    Does anybody know if the following relates specifically to the cash isa or if its used in Skiptons investment products only?

    "1. Chaps Fee (Telegraphic Transfer of Money) £6.00
    This fee is payable when funds are directly transferred from
    your investment account to another bank or building society
    of your choice. If the fee is not paid directly to the Society it is
    debited from your investment account.
    This facility is not available on all products, please refer to your
    account Terms and Conditions.
    2. Duplicate Statements £10.00
    This fee covers the cost of producing up to a maximum of
    five duplicate previous years’ statements, provided that all
    statements are requested at the same time. Subsequent
    requests will be subject to a further fee. The fee is payable
    directly to the Society prior to the statement being issued.
    3. Third Party Debt Order £55.00
    This fee covers the administration costs involved in registering
    the Garnishee Order when it is received from the Plaintiff’s
    solicitor.
    The fee is deducted from your investment account on
    registration.
    4. Records £10.00
    We will comply with the Data Protection Act at all times when
    obtaining and processing data about you. You are entitled, by
    paying a fee, to a right of access to information we hold about
    you. This information will be provided in accordance with the
    Act prevailing at the time of your request.
    5. Special Clearance Cheque Fee £20.00
    This is a fee which the Society must pay to the bank for
    express confirmation of whether there are funds available to
    cover a cheque that is being paid in. This may allow you to
    draw against the cheque more quickly, rather than waiting
    for the cheque to be processed through the usual clearing
    system. As the process relies on the cheque being sent by
    the bank, using first class post, to the drawing bank in order
    for the check to be made, we cannot guarantee that this will
    be any quicker than the usual process as delays can occur
    beyond our control. If the fee is not paid directly to the Society"


    I would like to open a cash isa purely to help buy my first home but these charges confuse me.

    I thought it was straight forward cash ISA product when used to buy a home, with a possible fee when processing the withdrawal when buying a house...?


    Thanks,

    Danny
    • eskbanker
    • By eskbanker 15th Jun 17, 12:44 AM
    • 5,466 Posts
    • 5,270 Thanks
    eskbanker
    • #7
    • 15th Jun 17, 12:44 AM
    • #7
    • 15th Jun 17, 12:44 AM
    That tariff is linked from their LISA page so it suggests they would apply, but they're all optional charges, i.e. you'll only pay a duplicate statement fee if you request duplicate statements, you'll only be charged the data protection tenner if you submit a request for your personal data, etc.
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