Lifetime ISAs guide

Too_Bloo

https://www.hl.co.uk/investment-services/lifetime-isa

tj200

smithandy80 wrote: »

So much for being able to open a LISA for £1 to start with! Nutmeg want minimum £500 to open the account. I can't seem to find this info for Hargreaves Lansdown, or The Share Centre..

This negates the good advice on here about LISAs.

Any advice?

I think Nutmeg insist that a deposit of £500 and a £100 monthly payment for accounts which have a balance of less than £5,000. So not just for LISA accounts. I opened up a S&S ISA last week (for the £200 Quidco cashback) and had to do this.

smithandy80

So do any of them actually let you open with £1?

masonic

smithandy80 wrote: »

So do any of them actually let you open with £1?

At present, none actually allow you to open one at all.

dale_cotterill

Probably be answered before, but its a lot of scrolling...

Not clear on this point;

"The money will be paid directly to the conveyancer/solicitor, not to you. When you want to buy a home, ask your ISA provider to pay the money across to the person doing conveyancing for the new home. All funds, including the bonus, will be available to use at exchange."

In a H2B ISA when you close the account its literally just the bonus that is sent to the solicitor (well they claim it anyway from the confirmation letter), so the rest of the funds can still be used for the actual deposit. How does this work in a LISA if all of the funds are to be sent to the solicitor?

masonic

dale_cotterill wrote: »

In a H2B ISA when you close the account its literally just the bonus that is sent to the solicitor (well they claim it anyway from the confirmation letter), so the rest of the funds can still be used for the actual deposit. How does this work in a LISA if all of the funds are to be sent to the solicitor?

In practice? It's never been done before! We won't know for another year at least.

Lungboy

Am I correct in thinking that for the 1St year it doesn't matter when deposits are made as the bonus is only paid at the end of the year, but in subsequent years you want the full yearly amount deposited straight away to get the bonus early?

masonic

Lungboy wrote: »

Am I correct in thinking that for the 1St year it doesn't matter when deposits are made as the bonus is only paid at the end of the year, but in subsequent years you want the full yearly amount deposited straight away to get the bonus early?

It really depends on your circumstances. The bonus will be paid at the end of the next tax year and monthly thereafter, yes, but you might also get some investment returns within the LISA.

aj9648

tj200 wrote: »

I think Nutmeg insist that a deposit of £500 and a £100 monthly payment for accounts which have a balance of less than £5,000. So not just for LISA accounts. I opened up a S&S ISA last week (for the £200 Quidco cashback) and had to do this.

What's the quidco offer?

Gavin83

So if you aren't planning on buying a property for a few years there is no reason to open a LISA on the 6th April? Originally I was under the impression the bonus was paid a year after your first deposit but upon reading it seems it's paid in April 2018 regardless of when you open the account. Could someone confirm?