Quick LISA/HTB question

9 Posts
Hi,
Wanted to get your expert opinion on what I should do with my LISA allowance.
Currently I have a HTB ISA with Halifax (~£6000 @3.5% AER) and a S&S LISA with Nutmeg (£100) open since April last year.
Originally I planned to shift my HTB, S&S LISA and remaining LISA allowance into the best paying Cash LISA around the end of March, but given the low interest rate of the Skipton and it being the only one out there I'm not sure what to do now.
Should I just lump the remaining LISA allowance into the Nutmeg account and wait until new tax year to think about anything else, or do I need to act to combine the HTB and LISA this tax year to avoid it counting against my LISA allowance in future?
And, if so, is the Nutmeg LISA a better bet than the low rate on the Skipton?
Wasn't expecting to have to think about this for a while, but now I see that the deadline for transferring to the Skipton is in just a couple of days! (And assuming I can open with a transfer online and haven't already left it too late...)
Thanks for any advice.
Wanted to get your expert opinion on what I should do with my LISA allowance.
Currently I have a HTB ISA with Halifax (~£6000 @3.5% AER) and a S&S LISA with Nutmeg (£100) open since April last year.
Originally I planned to shift my HTB, S&S LISA and remaining LISA allowance into the best paying Cash LISA around the end of March, but given the low interest rate of the Skipton and it being the only one out there I'm not sure what to do now.
Should I just lump the remaining LISA allowance into the Nutmeg account and wait until new tax year to think about anything else, or do I need to act to combine the HTB and LISA this tax year to avoid it counting against my LISA allowance in future?
And, if so, is the Nutmeg LISA a better bet than the low rate on the Skipton?
Wasn't expecting to have to think about this for a while, but now I see that the deadline for transferring to the Skipton is in just a couple of days! (And assuming I can open with a transfer online and haven't already left it too late...)
Thanks for any advice.
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Replies
However, you don't have too many options left anyway:
I think my best bet is to open a Skipton sharpish and transfer Nutmeg and HTB into it.
One more question - on the eligibility page for the Skipton it says "You can only open one Lifetime ISA per tax year" - as I already opened the Nutmeg LISA will they reject my application or does it not matter as I will be transferring in the Nutmeg account?
And given you've left it so late without even having opened the Skipton LISA yet, the day before the deadline, I'd suggest phoning them just to check that you can do what you have in mind, although I dare say their phones will be busy as the deadline approaches!