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Worth transferring in Help to Buy ISA to LISA?
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Are you aware of any other providers that have deadlines further towards the end of March? In that time I could contact the provisder and gain further advice without rushing into a decision.
Not off the top of my head but some of the S&S LISA providers (HL, AJB, Share Center, etc - not Nutmeg) might continue to accept HTB transfers aiming for them to complete this FY however whether this is possible will also depends on the HTB ISA provider responsiveness.
You would need to check but obviously if the money is invested (some will let you hold it as cash) it would be at risk and account exit fees may apply if later transferring it to Skipton or using it for a qualifying property purchase.
Alex.0 -
Alexland and aj23 many thanks for your replies. Firstly my Sons don't have a Skiption LISA so that would mean they both have to open one first then transfer the Halifax HTB by the end of the day. I think it will be cutting it fine considering one only get's in after 7pm and the other is away at Uni. So I will have to do the leg work.
Are you aware of any other providers that have deadlines further towards the end of March? In that time I could contact the provisder and gain further advice without rushing into a decision.
Thanks
I believe you have until 11:59pm to do it online. They aren't open on Saturday's so anything you post today would be delivered Monday anyway.
It takes a few minutes to open their account online.
No other bank or building society offers the Lifetime ISA. The only other ones are Stocks and Shares Lifetime ISA which have annual fees on them and are dependent on the stock market.
You've got time to do it, and if both have £6k in the accounts, that means you could get a big bonus for both of them which would be paid in April, as you can transfer the balance as of 5 April 2017 and get 25%, as well as whatever you have contributed this tax year, however this counts toward this years £4k LISA limit. To me it's worth it but unless you're willing to open them for them and handle it today, maybe you've left it too late.0 -
Obviously you are not allowed to open it for them but I guess what happens in families stays in families.
Just make sure they are fully aware of the LISA terms as you don't want to get accused of railroading them into a situation where they have to pay a withdrawal penalty, or delay their property purchase 12 months, etc.0 -
Thanks guys, I am in town later so may pop into the Skipton.:beer:0
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