Help to buy ISA transfer

Jane_B

I have been a long time lurker on these threads getting advice to pass onto my daughter, so wanted to firstly thank everyone for their insightful comments. Not sure if the experience she had can help others so here it goes!

My daughter recently found out, after inquiring, she couldn't transfer her Help to Buy ISA into her nutmeg Lifetime ISA, after seeing the post on here about how beneficial it can be transferring it before the end of this tax year she decided to take the plunge and transfer to another provider, she chose the Share Centre as they had good reviews, no monthly admin fees etc. and are offering a competition (the chance to win £4,000) for all H2B ISA transfers at the moment (so fingers crossed!) the transfer experience is going well for her at the moment and she is being kept up to date, so its putting her mind at rest, thankfully!

This post is mainly to let people who didn't already know if you hold a nutmeg LISA you cannot transfer your H2B ISA into it, so if you want to take advantage of the government bonuses for both accounts this year you would need to look into transferring to another provider. My daughter was a bit nervous about transferring, as its all new to her at the moment, but it has so far gone really well, and hopefully her experience can help others in a similar situation, by putting their minds at rest a bit.

Southpaw18

Hi Jane,

I was under the impression the only firm who do the official LISA, that allows the H2B isa transfer is Skipton Building Society?

I am about to post something about this also, as the firms seem to give such mixed messages, but dependant on how long she will be saving and how much she can put in, I would recommend the skipton LISA as the money and bonus will go in monthly, whereas the H2B you cant see until all the house stuff has been arranged, also you can save more in the LISA.


Good luck with it all!

Eco_Miser

Southpaw18 wrote: »

I was under the impression the only firm who do the official LISA, that allows the H2B isa transfer is Skipton Building Society?

Skipton are the only providers of a LISA whose content is a cash deposit; there are several who provide a LISA whose content is investments (effectively a S&S ISA, but with the extra Lifetime ISA rules). An H2B ISA can be transferred to them also.