Lifetime ISAs guide

1muffin

Brilliant, thanks everyone - looks like I'll be waiting til about this time next year for the house and bonus!

DJ8

Hi,
I've sort of got the answers to this off this page to confirm but would like some advice if possible?

I Opened a help to buy ISA 2 years ago with Halifax and I am paying in the maximum £200 a month.
I've been reading up on here about LISAs and the Skipton Cash Lisa that launches tomorrow with a limit of £4000 pay in per annum. Whilst the recommendation on here is to open a Lisa and transfer in help to buy around March 2018 my question is could I pay into both in the meantime? For example could I pay in £200 / month to a help to buy and £300 / month into a LISA until next year when the H2B is transferred?

Thanks!

Ed-1

DJ8 wrote: »

Hi,
I've sort of got the answers to this off this page to confirm but would like some advice if possible?

I Opened a help to buy ISA 2 years ago with Halifax and I am paying in the maximum £200 a month.
I've been reading up on here about LISAs and the Skipton Cash Lisa that launches tomorrow with a limit of £4000 pay in per annum. Whilst the recommendation on here is to open a Lisa and transfer in help to buy around March 2018 my question is could I pay into both in the meantime? For example could I pay in £200 / month to a help to buy and £300 / month into a LISA until next year when the H2B is transferred?

Thanks!

Yes and you could continue paying into the Help to Buy ISA (for the interest rate rather than the bonus) even after you have transferred some of it to a LISA (unless you transfer all of it to the LISA when it will be closed).

martinlewisjunior

My post was removed because I provided the link to signing up to the Skipton LISA a day early and I guess the forum moderators were not happy. Anyways I won't repost it, but if you're clever you can find it

Ed-1

martinlewisjunior wrote: »

My post was removed because I provided the link to signing up to the Skipton LISA a day early and I guess the forum moderators were not happy. Anyways I won't repost it, but if you're clever you can find it

When did you get the email containing the link?

martinlewisjunior

Ed-1 wrote: »

When did you get the email containing the link?

10:57 this morning, the link is now actually on another site called something that sounds like ColdUkDeals

Ed-1

martinlewisjunior wrote: »

10:57 this morning, the link is now actually on another site called something that sounds like ColdUkDeals

I already clicked it from your post - Skipton LISA now funded with £1.
Pre-06/04/17 H2B ISA funds will be transferred in in March 2018 if no better cash LISA comes up (in which case I'll transfer to that cash LISA) as well as an extra £3,999. If this is seriously going to be the best cash LISA rate I think I'll transfer to a stocks and shares LISA in 2018/19.

Dom_Fletch89

Skipton Building Society LISA opened and first deposit made :j

The 12 month clock is ticking :rotfl:

System

Ed-1 wrote: »

The bonus isn't paid in monthly installments unless you pay your deposits into the LISA in monthly installments. Rather it's paid monthly based on what you put in the month before. So instead of getting £83.33 bonus in June, you'll get £1,000.

PLUS ... If you were depositing that 4K on April 6th 2018 ; you would hope to see the 18/19 tax year bonus (1K) in MAY 2018 - not June!

Right?!

System

Ed-1 wrote: »

The bonus isn't paid in monthly installments unless you pay your deposits into the LISA in monthly installments. Rather it's paid monthly based on what you put in the month before. So instead of getting £83.33 bonus in June, you'll get £1,000.

I'm having the same quandary now...! As I opened a Nutmeg S&S LISA (to get that clock ticking ASAP...) which required £100, and whislt it's only 100 could get better return under the Nutmeg than moving to Skitpon for 0.5% (a whole 50p!) decisions, decisions...