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Transferring cash from ISA to LISA, advice please!
FLB79
Posts: 1 Newbie
The below quote is advice given on this site regarding transferring of ISA’s.
Does the same apply if I am wanting to take money that I have in a CASH ISA and want to transfer it to a ‘LISA’ with another bank?
Advice much appreciated,
Thank you!
‘Transferring an old ISA is a technical process, it's not just like switching a normal savings account. Yet as long as you abide by the golden ISA transfers rule, it should go smoothly.
If you want to transfer, never, ever, ever, withdraw money from a cash ISA!
You'll immediately lose all the lasting tax benefits.
Instead, speak to the new provider and fill out an ISA transfer form. Your new company should then sort it all out, including moving the money over for you, keeping your ISA cash permanently tax-free.
The banks have agreed to a guideline of 15 working days for the transfer to take place, so you should begin to receive interest within this time. If it goes much over 15 working days, it's worth complaining to the ISA provider to see if they can then speed it up, or at least compensate you if the delay means that you lose a decent chunk of interest.’
Does the same apply if I am wanting to take money that I have in a CASH ISA and want to transfer it to a ‘LISA’ with another bank?
Advice much appreciated,
Thank you!
‘Transferring an old ISA is a technical process, it's not just like switching a normal savings account. Yet as long as you abide by the golden ISA transfers rule, it should go smoothly.
If you want to transfer, never, ever, ever, withdraw money from a cash ISA!
You'll immediately lose all the lasting tax benefits.
Instead, speak to the new provider and fill out an ISA transfer form. Your new company should then sort it all out, including moving the money over for you, keeping your ISA cash permanently tax-free.
The banks have agreed to a guideline of 15 working days for the transfer to take place, so you should begin to receive interest within this time. If it goes much over 15 working days, it's worth complaining to the ISA provider to see if they can then speed it up, or at least compensate you if the delay means that you lose a decent chunk of interest.’
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Try asking your question on this part of MSE
https://forums.moneysavingexpert.com/forumdisplay.php?f=170
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