Moneybox Cash LISA

Nuggy96

Hi, 
This is mainly a question for people with the Moneybox cash LISA. I was wondering when the latest I can put in my new tax year £4k this month before the bonus month cuts off. I know moneybox has a weird weekly direct debit thing, where the money only leaves on a Wednesday and doesn't get debited into the LISA until the Monday following. Therefore, I calculate that I can put in £4k on Wednesday 29th, the money should go into my LISA by Monday 4th May and should get my bonus by 20th May. Anyone able to confirm? Would just rather keep my £4k collecting 1.6% for as long as poss than earning 1.25% and would like to wait for my April wages to come in.

Thanks

eskbanker

LISA bonus claim periods (for all providers) run from the 6th of one month to the 5th of the next, and payment is about 28 days thereafter, so if you pay in by May 5th then you should receive your bonus by early June or maybe very late May.  Don't you have the option of earning your 1.6% right up to next March before paying in to the 1.25% account, which would be better if you didn't pay tax on it, even allowing for the LISA bonus?

Nuggy96

eskbanker said:

LISA bonus claim periods (for all providers) run from the 6th of one month to the 5th of the next, and payment is about 28 days thereafter, so if you pay in by May 5th then you should receive your bonus by early June or maybe very late May.  Don't you have the option of earning your 1.6% right up to next March before paying in to the 1.25% account, which would be better if you didn't pay tax on it, even allowing for the LISA bonus?

Hi Esk, thanks for replying. I am expecting (Covid-19 willing) to complete my house in May/June time so it needs to deffo go in for the April month of bonus, but would like to put in as late as possible for the 2 reasons above, interest and using my April wages.

Alexland

Why not ask them as they are in control of their weird collection process? I wouldn't suggest you delay it for a tiny bit of interest.

Nuggy96

Alexland said:

Why not ask them as they are in control of their weird collection process?

I have asked, and while waiting I have asked here for any 1st person experience. Thanks for your helpful answer (:

grumiofoundation

Nuggy96 said:

Hi, 
This is mainly a question for people with the Moneybox cash LISA. I was wondering when the latest I can put in my new tax year £4k this month before the bonus month cuts off. I know moneybox has a weird weekly direct debit thing, where the money only leaves on a Wednesday and doesn't get debited into the LISA until the Monday following. Therefore, I calculate that I can put in £4k on Wednesday 29th, the money should go into my LISA by Monday 4th May and should get my bonus by 20th May. Anyone able to confirm? Would just rather keep my £4k collecting 1.6% for as long as poss than earning 1.25% and would like to wait for my April wages to come in.

Thanks

A month of extra interest 1.6% versus 1.25% on £4000 is £1.17 so holding off for that reason seems a bit silly. 

Nuggy96

The main reason is to use me April salary to fund my LISA. The extra benefit is the £1.17