Lifetime ISA

Ed-1

GM1880 wrote: »

I've just switched by Help to Buy ISA with Barclays to Skipton's Lifetime ISA, the form I had to send off asked me to confirm I wanted them to instruct Barclays to close their ISA once the funds were transferred, which I did. I put in the additional £1900 or so into the lifetime ISA to take it up to the £4000 max. That's now showing in the Skipton ISA, but by Barclays ISA has now been closed, but no signs of the £2100 or so from that ISA in my Skipton one.

Presumably it does take a little time to transfer, but no reference to that in the small print. Ought I be concerned?

Many ISA transfers are still done by cheque so it'll take a few days. Skipton are supposed to backdate interest to the date on the cheque received from Barclays.

diggingdude

I must admit that makes me worried as well. it does feel unsettling with the H2B closed and the money not currently showing anywhere

aj23_2

And Skipton actually increased their interest rates in line with the base rate increase, so it will potentially go up a few more times.

AimHigh

As per the advice already given, Skipton told me that they receive the H2B money via cheque and therefore it takes 7 working days to process.

Fisbister

Some help please as am getting very confused over the H2B - Skipton Lifetime transfer.

I have £6.5k in a Halifax Help to Buy and considering transferring to a Skipton Lifetime ISA (aware i have missed the 8 march deadline). However my feeling is that I should transfer £4k to the LISA now (before 6 April deadline for the 18/19 tax year) and leave the remaining balance in my Halifax help to buy and keep paying in the £200 max in this ISA and benefit from the 3.5% interest it pays out.

However from reading this thread it appears the transfer to Skipton means my Halifax Help to Buy ISA would automatically close. Is this correct? Is so what happens to the remaining money in my H2B ISA outside of the £4k i have transferred to my LISA?

Thanks

eskbanker

Fisbister wrote: »

I have £6.5k in a Halifax Help to Buy and considering transferring to a Skipton Lifetime ISA (aware i have missed the 8 march deadline). However my feeling is that I should transfer £4k to the LISA now (before 6 April deadline for the 18/19 tax year)

The whole point about Skipton's deadline (which was 2 March rather than 8th btw) was that it was the last chance to transfer HTB to their LISA before the end of this tax year, so if you didn't start it by then then you can't do it now.

However, there's nothing stopping you from withdrawing £4K from your HTB and paying it into the Skipton LISA without using the transfer process. This won't close the Halifax HTB account but I'm not sure where you read that a partial transfer would have closed it anyway?