Transfer Lifetime ISA over 40

Albermarle

I've had a lifetime ISA for 4 years and it has performed really badly. Now over 40 and I can't transfer it. I've stopped paying in but inflation will make it worthless by the time I'm 60. What can I do?

I think you need to explain the above in a bit more detail.

If it was a Cash Lisa it should have earnt some interest .

If it was a Stocks and Shares Lisa it should have grown over the last 3 or 4 years , unless it was badly invested . Can you say what it is actually invested in ( if it is a S&S Lisa) 

IN any case you will have got a free 25% top up , so its not really clear what you are so unhappy about ?

masonic

Albermarle said:

I've had a lifetime ISA for 4 years and it has performed really badly. Now over 40 and I can't transfer it. I've stopped paying in but inflation will make it worthless by the time I'm 60. What can I do?

I think you need to explain the above in a bit more detail.

If it was a Cash Lisa it should have earnt some interest .

If it was a Stocks and Shares Lisa it should have grown over the last 3 or 4 years , unless it was badly invested . Can you say what it is actually invested in ( if it is a S&S Lisa) 

IN any case you will have got a free 25% top up , so its not really clear what you are so unhappy about ?

It might be a bit fruitless to follow up with the OP at this late stage...

GPK10

A quick update - no reply from AJ Bell a week after I emailed them to ask about over 40s opening a LISA to transfer in, so I am starting the EQi transfer process 

ewmillarcraig

Hi all, my wife is having the same concerns regarding transferring a LISA as she is over 40. She currently has a cash LISA with moneybox with a poor interest rate and we are trying to find a way of transferring it to a stocks and shares LISA, which would make sense longer term. Moneybox do offer a S&S LISA but won't allow you to transfer even within the same company! 

Does anyone know if Eqi will allow transfer of a cash LISA to their S&S LISA if age >40? I have emailed them but no response yet. 
Or if any other firms that might allow this?
Any advice much appreciated

Alexland

ewmillarcraig said:

Does anyone know if Eqi will allow transfer of a cash LISA to their S&S LISA if age >40? I have emailed them but no response yet.

The only S&S LISA providers who we know of accepting a transfer requests for over 40s are Onefamily who have very poorly performing investments and EQi who will soon be taken over by Interactive Investor at which point their charges might increase. Another forum user 'tryingtogetmyheadaround' confirmed they were able to do it with EQi using the paper application form see below thread. II might stop EQi from accepting new LISA accounts soon as that's what happened when II bought The Share Centre.

https://forums.moneysavingexpert.com/discussion/6205505/over-40-and-wanting-to-transfer-a-lisa/p1

GPK10

Finally got a reply from AJ Bell. Good thing that I seem to have the option of EQi:

Thank you for your email and please accept my apologies for the delay in our reply.

 

We do not have any current plans to introduce this option for our LISA.

 

We have noted the request, which will be reviewed via our feedback process, which is considered by product management.

 

My apologies that we cannot offer the service you require at this time

eskbanker

GPK10 said:

Finally got a reply from AJ Bell. Good thing that I seem to have the option of EQi:

Thank you for your email and please accept my apologies for the delay in our reply.

 

We do not have any current plans to introduce this option for our LISA.

 

We have noted the request, which will be reviewed via our feedback process, which is considered by product management.

 

My apologies that we cannot offer the service you require at this time

They sound in even less of a hurry than they did in 2018!

https://forums.moneysavingexpert.com/discussion/comment/74299698#Comment_74299698

Unfortunately our LISA application was set up to not allow over 40s to proceed with it. This has yet to be amended in the application so will still not allow anyone over 40 to open the account, and I'm afraid it's not due to be looked at for a few months, As such, you won't be able to open a LISA with us just yet.

As we've been receiving a few of these queries lately, we are pushing for the application to be amended sooner rather than later but I still wouldn't be able to confirm exactly when this will happen.

Nurse2047

Sorry to dig out this thread - does anyone know if anyone now accepts s&s lisa transfers after age of 40??? Wish to move from EQI if possible…

alibean121

MFW2026 said:

Sorry to dig out this thread - does anyone know if anyone now accepts s&s lisa transfers after age of 40??? Wish to move from EQI if possible…

Try Moneybox.

Albermarle

Transferring LISAs — MoneySavingExpert Forum