Lifetime ISA switch - Skipton to Moneybox

Tom_Hendo

Hi All
I am a day1 Cash LISA owner and have been with Skipton since they released their offering. 

Recently interest rates have been cut, so Skipton is now a measly 0.35% and Cashbox is sat at 1.25% from what I have seen. A large difference for the ammount of money that can be stored in there by now. 

My question is around switching between the two. Is it as easy as it seems, and do you think its worth it? A secondary question is that I have put my 2020/21 allowance into the account, but am awaiting the governments bonus to land (due late May). I should probably wait until that comes in before switching right?? 

Finally I am looking to buy a new property with this money within 8-24 months (no idea how Covid will impact the search) and assume that switching does not mean I reset my minimum 12 months before using? 

Any other tips or thoughts would be greatly appriciated. 

eskbanker

Unlikely to be viable just now, according to https://www.moneyboxapp.com/faqs/why-are-you-no-longer-accepting-isa-or-lisa-transfers-in/

Why are you no longer accepting ISA or LISA transfers in?

In light of current events, the Moneybox team are now working remotely in order to keep everyone as safe and healthy as possible and to ensure that our ability to serve customers is not impacted. Due to the process of transferring ISAs and LISAs being largely paper-based (many providers still insist on using paper forms to process transfers) we will no longer be able to accept any new paper based transfers until further notice. We’re very sorry for the inconvenience caused here, and will do all we can to resume non-digital transfers as soon as possible.

Please contact us with any further questions at support@moneyboxapp.com.

When available again, the timing isn't particularly important (unclaimed or claimed but unpaid bonuses will transfer, as documented at https://www.gov.uk/guidance/transfer-lifetime-isas-between-managers) and transferring doesn't reset the 12-month clock.