Best LISA to transfer HTB into?

Jessiejane17

After successfully getting help on this website with regards to my HTBISA i think it’s a wise decision to transfer my money into a LISA instead - I’m still clueless on how this works or providers so would appreciate any help? I chose my HTB ISS based on interest rates but unsure how best to choose a LISA - thanks for any help! 

Jessiejane17

For reference I have just shy of £2000 in my current HTB ISA and I’ve been reading about transferring to a LISA to maximise the 25% bonus in the tax year - would I be needing to transfer pre April 2021 to maximise this? 

Any names of recommended providers is helpful also  

eskbanker

https://www.moneysavingexpert.com/savings/lifetime-isas/#bestbuys covers the leading products available in a small market - interest rates are no match for HTB ISA ones but as covered on your other thread there are benefits to a LISA anyway, so read the rest of that article for more of a briefing.

You can only put £4K per tax year into a LISA, even if transferring from a (non-Lifetime) ISA, so if you have more than that in your HTB then you'll need to move it over across multiple tax years (only three months until the next one now!).

Edit: I see from your update while I was typing that this latter comment is irrelevant for you....

Jessiejane17

Got it! Much appreciated - but worried about this whole thing because although it’s not thousands of £££ it’s still money I’m working hard to save and want to put to good use at the end.. feel like the HTB is a risk now due to there being two so fingers crossed they can be gone and forgotten and the LISA is the way forward!