transferring from one LISA to another

themorganator4

Hi all,


I have a skipton LISA but I have opened a Moneybox one as the AER is higher.


In order to open this account I had to pay in a deposit (£2). I last paid £1 into the skipton one last month, this means I have paid into 2 LISA's this tax year which breaks the rules. I am in the process of transferring the total amount from the skipton one to the moneybox one.


What do I do?

eskbanker

themorganator4 wrote: »

What do I do?

Start paying attention to the legally-binding declarations you're making when opening accounts?

As long as you process the transfer properly, i.e. instructing Moneybox to transfer your LISA from Skipton, rather than doing it yourself, you should be OK, as it'll then just be Moneybox reporting a current product to HMRC at the end of the tax year.

themorganator4

I contacted money box who just cancelled the DD, i will just set it up again as soon as the transfer is complete.

Will Skipton automatically close my account or do I need to close it?

eskbanker

themorganator4 wrote: »

Will Skipton automatically close my account or do I need to close it?

You'll need to close it....