Moneybox Cash LISA - Interest drop

unda_vybe

Afternoon folks,

Well, I have closed it down and withdrawn the money.

Does anybody know if I can now top up the £16k invested in this tax year into my easy access Cash ISA with Shawbrook?
I had paid £4k into my Lifetime ISA this tax year.

HMRC weren't sure when I called them earlier, I understand that but with the withdrawal penalty reduced and the interest rates tumbling, this could become a more regualar query. My gut tells me I probably can't?

Cheers :-)

grumiofoundation

unda_vybe said:

Afternoon folks,

Well, I have closed it down and withdrawn the money.

Does anybody know if I can now top up the £16k invested in this tax year into my easy access Cash ISA with Shawbrook?
I had paid £4k into my Lifetime ISA this tax year.

HMRC weren't sure when I called them earlier, I understand that but with the withdrawal penalty reduced and the interest rates tumbling, this could become a more regualar query. My gut tells me I probably can't?

Cheers :-)

Lifetime ISAs are not flexible so if you have already paid £16000 into cash ISA you have used up your 2021/2021 allowance. 

On a side note I guess you didn’t withdraw from LISA just because interest rates dropped?

unda_vybe

Nope, I am 38 later this month and no longer see myself buying to live in this country. No sprogs, no missus and I feel like a career change too.

Not really sure there was much point in me keeping a LISA until 60 for retirement either. Especially when you can't touch it between your 50 and 60th birthdays.

It is a handy little account just unsuitable for me now.

May plonk that £4k in premuim bonds instead for now then but will have a mooch around at savings rates first...

someone

Had this email earlier. Investac 1% accounts (without bonus) accounts are now been cut to 0.6% in two weeks.

We're writing to let you know that the interest rate on your Cash Lifetime ISA (powered by Investec Bank) will change to 0.6% AER* variable on Monday 26th October 2020.

In case anyone is in the same boat and switched from the OakNorth powered account to Investec back in June this would appear to be rate history.

1.40% (OakNorth) July 2019
1.25% (OakNorth) March 2020
1.10% (OakNorth) June 2020
1.25% (Investec) June 2020
1.00% (Investec) June 2020
0.60% (Investec) October 2020

I think Nottingham BS launched today LISA Issue 2 @ 1.05% (down from 1.25% for issue 1) and I have started the LISA transfer process ... tad annoyed I didn't follow up on the last rate change.

snowqueen555

pretty pants, I'm down to 0.85% on my Moneybox Lisa. It annoyed me because I opened an account one month before the 1.25% rate but can't get that rate, stuck on the 1% which is now down to .85%.

Ed-1

someone said:

Had this email earlier. Investac 1% accounts (without bonus) accounts are now been cut to 0.6% in two weeks.

We're writing to let you know that the interest rate on your Cash Lifetime ISA (powered by Investec Bank) will change to 0.6% AER* variable on Monday 26th October 2020.

In case anyone is in the same boat and switched from the OakNorth powered account to Investec back in June this would appear to be rate history.

1.40% (OakNorth) July 2019
1.25% (OakNorth) March 2020
1.10% (OakNorth) June 2020
1.25% (Investec) June 2020
1.00% (Investec) June 2020
0.60% (Investec) October 2020

I think Nottingham BS launched today LISA Issue 2 @ 1.05% (down from 1.25% for issue 1) and I have started the LISA transfer process ... tad annoyed I didn't follow up on the last rate change.

The OakNorth one is currently 0.6%:





Also, Nottingham BS launched Issue 2 in August.