LISA help

cheesesarnie

Is it just me but if you have a cash LISA (in this case with Skipton) and you are over 40, I cant see anywhere it can be transferred out to, to either cash or S&S because I've gone over 40 y/o.
Hopefully someone knows better than me on it. 
thanks
Tony

eskbanker

This does come up from time to time but providers do change their policies too - I can't recall the situation for each just now so perhaps it would be worth sharing your findings so far, i.e. which institutions you've considered and the basis on which you've understood each of them to be unsuitable?  A reduction in interest rate for a cash LISA isn't really by itself a good reason to switch from cash to S&S though....

Alexland

If this is going to be a long term S&S investment for age 60 then Masonic noticed that when applying for a LISA with HL with a DoB over 40 and saying you already have one elsewhere they offer a LISA transfer form for download even though their main website said they don't accept transfers in. If you try this please let us know how you get on.

cheesesarnie

Thanks Alexland. I've done the HL form..looks to me like a quirk of the system & I imagine they'll kick it into the long grass.
Not looking to put any funds in now so pretty sure over the next 18 odd years (to 60) S&S is the place to be, especially with low cash interest rates...should have opened as S&S's in the beginning.hey ho.
Will come back when HL respond.
Thanks
Tony

Alexland

Cool thanks would be really interested to know if HL do perform the transfer.

Blackbriar_040

cheesesarnie said:

Is it just me but if you have a cash LISA (in this case with Skipton) and you are over 40, I cant see anywhere it can be transferred out to, to either cash or S&S because I've gone over 40 y/o.
Hopefully someone knows better than me on it. 
thanks
Tony

Am in the same boat, Tony
Looking to transfer my Skipton LISA, but not a lot of cash options available.
Already had a S&S LISA, plus am planning to use the LISA for a property purchase.

Nottingham BS, (1.25%) looked promising, till I saw the age limit restriction.
Moneybox, (1.25%)  don't seem to be able to accept any transfers at the minute.

Currently considering Paragon Bank (1.5%) seems quite simple online transfer process!

eskbanker

Blackbriar_040 said:

Looking to transfer my Skipton LISA, but not a lot of cash options available.
Already had a S&S LISA, plus am planning to use the LISA for a property purchase.

Nottingham BS, (1.25%) looked promising, till I saw the age limit restriction.
Moneybox, (1.25%)  don't seem to be able to accept any transfers at the minute.

Currently considering Paragon Bank (1.5%) seems quite simple online transfer process!

Paragon's rate, according to https://www.paragonbank.co.uk/savings/savings-accounts?tabid=lifetime-isa, is 1.15%

Blackbriar_040

Yeah, sorry typo, should be 1.15%, still not great!

aarriyaa

Anyone help? 

Which is the best LISA to open within the current climate? 

Any support, advice or suggestions would be kindly appreciated 
Have a blessed day 

Alexland

aarriyaa said:

Which is the best LISA to open within the current climate? 

Depends on your objectives and circumstances. Do you want a Cash LISA to buy a property in the next 5-7 years? Or a S&S LISA for a property purchase in the distant future or to draw from age 60? It might be worth starting your own thread with more detail.