Nutmeg LISA Advice

NealeH1875

Good morning

I have a couple issues/thing on my mind i'm hoping someone can advise with please.

So i have heard all is not looking great @ Nutmeg. I'm not too sure what is happening but i would like to try and get my money out of the platform,

So last year i opened and contributed the £4k allowance into a HTB LISA, with everything going on i am skeptical to keep adding money in this financial year.

I am aware that if i withdraw the money there is a 25% penalty?? am i able to switch it to a cash S&S isa and then withdraw? can i transfer the money to another LISA and then still contribute 4k this financial year?

all help and advice is appreciated

cheers,

AnotherJoe

Transfer to another lisa and then yes you can add this years £4K as well

louloubelle79

I have a Nutmeg LISA S&S are people advising to move ?

AnotherJoe

I would move it just because there are better investment platforms.

I would only move it on the grounds they are going bust if you are the sort of person thats rushed out and bought loads of toilet paper because you think Brexit will cause a shortage.

bowlhead99

louloubelle79 wrote: »

I have a Nutmeg LISA S&S are people advising to move ?

No, unless the OP has genuine inside information about a negative event and is trying to avoid being libellous by using 'I have heard' , 'may' and 'not great' to excuse the caution he is publicising when he states that he's concerned with "everything going on" without describing what sort of things are going on that make him wary.

More likely, he has just read people commenting that there are other mainstream solutions which are either lower cost or have been around longer (e.g. HL and AJ Bell are both public listed companies themselves). Certainly there have been comments on the forum that it would be disruptive if Nutmeg stopped receiving funding from their private backers and had to close down due to not making enough revenue to keep the lights on - because you would need to transfer your account to another provider.

But those are not new concerns, they have existed since day one. I haven't heard anything new and specific in the market to say it was formerly great and suddenly now isn't looking great. Many providers' products aren't 'great' but are perfectly acceptable places to put your money. If you specifically want a LISA rather than other ISA or general investment account types, the market choice is limited.

Perhaps it is as simple as, he experienced some falls in his account value and doesn't recognise that that's what happens with an investment product invested in stockmarkets when the markets fall in value. Hopefully rather than just bad-mouthing the provider and sullying its reputation by alluding to non-specific problems, the OP will come back and give us more colour on his concerns about "everything going on" which makes it a bad place to invest compared to how it used to be.