Lifetime ISAs guide

System

Hi again all! Just investigating this Moneybox 1.4% cash LISA currently, since it's ahead of my current (Skipton cash LISA) interest-wise by 0.4% ...

Anyone had any issues with them now they've been offering it for a month or 2 to speak of ?

From what I've read the only drawback I've seen is the deposit time can be a bit lengthy (circa 2 weeks...) since they receive deposits via DirectDebit that needs to be setup & administered between institutions etc.?

Also, can anyone confirm/clarify, that when transferring a LISA from Skipton -> MoneyBox that Skipton pay any interest due on the outgoing balance (since they pay yearly)

Thanks in advance!


EDIT: has anyone perhaps had the chance to use their Moneybox LISA for house purchase and able to share their experience(s) of the process / ease of following through with this 'app-only' based version ... Perhaps this is where Skipton may excel vs Moneybox and therefore outweigh the hassle of transferring etc. for the additional 0.4%

eskbanker

NevvyC wrote: »

has anyone perhaps had the chance to use their Moneybox LISA for house purchase

I'd say the chances are vanishingly small! The Moneybox LISA was only launched earlier this month and the prospects of any first time buyers spotting it, researching it, transferring their existing LISA (a process typically measured in weeks rather than days) and then buying the property (having had practically no opportunity to benefit from the higher interest rate) all within a few weeks seems massively unlikely to me, but happy to be proved wrong....

NevvyC wrote: »

can anyone confirm/clarify, that when transferring a LISA from Skipton -> MoneyBox that Skipton pay any interest due on the outgoing balance (since they pay yearly)

I can't speak from direct personal experience of this specific transfer but savings providers always pay pro rata interest when closing accounts in such circumstances, even if it doesn't coincide with the scheduled interest payment cycle.

System

eskbanker wrote: »

I'd say the chances are vanishingly small! The Moneybox LISA was only launched earlier this month and the prospects of any first time buyers spotting it, researching it, transferring their existing LISA (a process typically measured in weeks rather than days) and then buying the property (having had practically no opportunity to benefit from the higher interest rate) all within a few weeks seems massively unlikely to me, but happy to be proved wrong....

That's a good point :rotfl:


I can't speak from direct personal experience of this specific transfer but savings providers always pay pro rata interest when closing accounts in such circumstances, even if it doesn't coincide with the scheduled interest payment cycle.

Quite - just wanted to confirm I rang Skitpon and they clarified that was the case - should have edited the post (again!) really...


No horror stories regrading the Moneybox LISAs then ? Saw some issues with their investment arm of the app ...

Alexland

I have not seen any Moneybox cash LISA horror stories so maybe you can be the first

grumiofoundation

NevvyC wrote: »

No horror stories regrading the Moneybox LISAs then ? Saw some issues with their investment arm of the app ...

Took less than 2 weeks from requesting transfer form for my skipton cash ISA to be transferred over. So far so good...

System

grumiofoundation wrote: »

Took less than 2 weeks from requesting transfer form for my skipton cash ISA to be transferred over. So far so good...

Nice one - thank you! I'm just conversing with a Moneybox rep via the app now I've downloaded it; ensuring there are no exit/closure fees of any kind etc. (which may negate the difference in interest between Skipton vs. Moneybox and ergo make transferring, fruitless..)

I understand that interest is paid monthly (still at rate of 1.4% AER overall...) but that must be nice to see the balance going up monthly! Plus, upon transferring away from Skipton the balance will be slightly higher due to the pro rata interest (still works out with 1% on that amount & 1.4 for the remainder of the year AER but psychologically, looking at a higher balance would be nice! :rotfl: )

mimiduck

I've been trying to find something out about LISAs but unfortunately couldn't find the exact answer. My husband and I both live in the UK and are currently saving up for a deposit however struggling and wondered if we would qualify for a LISA as we both have a property back in our home countries (however both homes are summer houses, not rented out, not on mortgage etc. and worth less than £25k each). Would we be classed as first time buyers? Or if this is a tricky question could someone point towards who I could ask it from?

masonic

mimiduck wrote: »

I've been trying to find something out about LISAs but unfortunately couldn't find the exact answer. My husband and I both live in the UK and are currently saving up for a deposit however struggling and wondered if we would qualify for a LISA as we both have a property back in our home countries (however both homes are summer houses, not rented out, not on mortgage etc. and worth less than £25k each). Would we be classed as first time buyers? Or if this is a tricky question could someone point towards who I could ask it from?

First Time Buyer status is relation to property ownership anywhere in the world, said property capable of being used as a dwelling (this includes holiday homes).

jnewt221

I'm trying to find out wether or not me and my girlfriend can combine bonuses from a LISA account, and a help to buy account, both first time buyers, I have one she has the other, I know I couldn't merge the two personally but don't know if we can together or not. Thanks

masonic

jnewt221 wrote: »

I'm trying to find out wether or not me and my girlfriend can combine bonuses from a LISA account, and a help to buy account, both first time buyers, I have one she has the other, I know I couldn't merge the two personally but don't know if we can together or not. Thanks

There is no problem with one of you claiming the Government bonus for their HTB ISA, and the other of you making a penalty free withdrawal from their LISA, then using both towards the house purchase.