Turning 40 this week-need LISA info please

Alexland

Its still not clear if this is for your first property or retirement?

If first property probably go with Nottingham - as Moneybox have a weird collection cycle so the initial contribution might not be completed by your 40th birthday.

If retirement probably go with Hargreaves Lansdown as they are more suited to small adhoc contributions into S&S as they have no fund trading fee.

Nickjim

Sorry,  its for retirement. I am not doubting your advise in the slightest but I have never heard of Hargreaves lansdown, if I start the process of opening a LISA now could it all fall through if not complete by Saturday night? Yes I'm feeling the urgency of opening one but I was unsure if I could move money into a moneybox one from a moneybox Savers account. Im an absolute blank canvas with all this but some one said leave money in the moneybox account earning the higher interest rate then move it over to the LISA before end of tax year to get the 25% bonus on all that years saving, if that makes sense 

Nickjim

OK so I can't open a lifetime isa now because il be 40 when the money goes through, not amused really 

masonic

Nickjim said:

OK so I can't open a lifetime isa now because il be 40 when the money goes through, not amused really 

Hargreaves Lansdown is accepting applications even if you turn 40 tomorrow. You can normally open and fund immediately by debit card at the end of the application.

Alexland

Hargreaves Lansdown are a FTSE100 company with over 1 million UK customers and a reputation built up over decades of providing fairly good support in S&S products. Even M&S aren't big enough to be in the FTSE100 anymore. They are a secure, viable and well established business and offer plenty of investment choices.
https://www.hl.co.uk/investment-services/lifetime-isa

Or if you want to go with a MoneyBox LISA its your choice.
https://www.moneyboxapp.com/lifetime-isa/

masonic

It's worth pointing out that while Hargreaves Lansdown has over 1 million customers, Moneybox is catching up with over 400,000. Yet the big difference is that HL is profitable with revenues of over £480m last year and profit after tax of just under £250m, while Moneybox is a loss-making startup with just £1m revenue and losses before tax of over £5m in the same year.

afis1904

For most money put into any ISA the day that the money leaves your account counts, not the date when the funds appear into an ISA, doesn't it? At least that's how it's worked for the ones I have.

masonic

afis1904 said:

For most money put into any ISA the day that the money leaves your account counts, not the date when the funds appear into an ISA, doesn't it?

When paying by debit card, most providers will credit the funds immediately, so the date the OP's money appears in the ISA could be today if he applies right now, whereas the date the money would leave his current account could be next Tuesday or even later. While if he sent a bank transfer today, and he was very unlucky, it might not arrive until the end of the next working day (Tuesday). In both cases it is the date the money is credited to the ISA that counts, not the date it is debited from his current account.

afis1904

masonic said:

afis1904 said:

For most money put into any ISA the day that the money leaves your account counts, not the date when the funds appear into an ISA, doesn't it?

When paying by debit card, most providers will credit the funds immediately. But your statement is not true of bank transfers.

Oh yeah, but it does for Direct Debits for example (which I guess isn't too relevant here). Afaik my regular investment from Friday that didn't show up in my S&S ISA until Monday counts for 19/20.

Opening HL now with £100 and research investments is probably a very good idea for OP

masonic

afis1904 said:

masonic said:

afis1904 said:

For most money put into any ISA the day that the money leaves your account counts, not the date when the funds appear into an ISA, doesn't it?

When paying by debit card, most providers will credit the funds immediately. But your statement is not true of bank transfers.

Oh yeah, but it does for Direct Debits for example (which I guess isn't too relevant here). Afaik my regular investment from Friday counts for 19/20.

Opening HL now with £100 and research investments is probably a very good idea for OP

A direct debit should be credited to the destination account on the same day it is debited from the current account. If not, then the date it is credited to the ISA would be the effective date of the subscription.