Nutmeg LISA - transfer in

Holiday111

Can anyone confirm if I can transfer H2B to nutmeg LISA???

Pretty sure it was allowed when i open the account....

But just looked on the mse Lisa page and it said not allowed????

If this is not allowed, can I now close the nutmeg with £100 and open Lisa from Skipton????

ValiantSon

If you are looking to buy a house in the next few years then you would be better having your money in a cash LISA because the risk to your capital is high over such a short term in S&S.

Holiday111

Yes but when I opened it back in may 2017.... skipton Cash Lisa wasn't available and I wanted to start the 'clock' as early as possible.....

What is my option now???

ValiantSon

Holiday111 wrote: »

Yes but when I opened it back in may 2017.... skipton Cash Lisa wasn't available and I wanted to start the 'clock' as early as possible.....

What is my option now???

Transfer Nutmeg into Skipton and your HTB into Skipton too.

If you close the Nutmeg LISA you won't be able to subscribe to Skipton during this tax year.

Holiday111

Great idea......

Should I only transfer 2015/16 and 2016/17

And leave 2017/18 in the h2b

And I will be allow to deposit further £3900 (plus £100 from nutmeg)?

Holiday111

Problem is if I open Skipton I would have to wait a year, right????

ValiantSon

Holiday111 wrote: »

Great idea......

Should I only transfer 2015/16 and 2016/17

And leave 2017/18 in the h2b

And I will be allow to deposit further £3900 (plus £100 from nutmeg)?

You have to transfer the whole ISA not just a portion.

Yes, you can also add in a total of £4000 to the LISA this year.

ValiantSon

Holiday111 wrote: »

Problem is if I open Skipton I would have to wait a year, right????

Yes. If you are going to buy before then you'll have to stick with HTB, but you could still open a LISA for retirement benefits. If doing that then I'd definitely do it through S&S.

Holiday111

Hmmmm how come on this thread people can only transferred part of their h2b balance???

forums.moneysavingexpert.com/showthread.php?t=5796836

ValiantSon

Sorry, my confusion. You can transfer the balance from complete tax years, so you could retain the 17/18 in HTB. Be aware, however, that you can only get the bonus for a house purchase from either the HTB or the LISA.

eskbanker

Holiday111 wrote: »

Problem is if I open Skipton I would have to wait a year, right????

No, when transferring LISAs, the 12 month rule applies from the opening of the first account rather than the second, so transferring Nutmeg to Skipton preserves your start date of May 2017 and you could buy from May 2018.