LISA transfers over age 40
Wings_of_Ambition
Posts: 1,749 Forumite
Hey all,
Quick question regading LISA's and the age limit. I'm currently 39, and hold two LISAs, neither of which have amazing interest rates (0.3% and 0.5%). As the annual government bonus is effectively a 25% interest boost, I would like to keep the LISA's, more than likely for retirement rather than a house purchase. I've seen that LISA's can only be opened up to age 39. If new accounts pop up in future years with better rates, will I be able to transfer my current ones into the new accounts, or would that be classed as 'opening' a LISA, and therefore not permitted due to being 40 and over?
Struggling to find answers online, as search results tend to be dominated by the main LISA rules.
Ta
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In theory they can be transferred above the age of 40. In practice few providers support this (none, in the case of S&S LISAs).If you are saving for retirement, then 20+ years in cash is not a good idea as you see the value of your money erode due to inflation. The 25% bonus, spread over 20+ years works out at little more than a 1% boost to the rate.2
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The good news is that the LISA scheme rules allow you to open new accounts after 40, specifically for transferring in existing ones.
The bad news is that very few providers seem to allow this in their Ts & Cs or software - this thread is one of several in which this is discussed:
https://forums.moneysavingexpert.com/discussion/6205505/over-40-and-wanting-to-transfer-a-lisa/p1
Note that the context of the discussion is typically S&S LISAs specifically, as saving in the cash ones is unlikely to be sensible if earmarking the money for long-term retirement planning (where it would be eroded by inflation if saving in cash).
And regarding "the annual government bonus", there is of course no annual government bonus, just a bonus after each contribution....2 -
masonic said:In theory they can be transferred above the age of 40. In practice few providers support this (none, in the case of S&S LISAs).
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Alexland said:masonic said:In theory they can be transferred above the age of 40. In practice few providers support this (none, in the case of S&S LISAs).
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masonic said:EQi LISAs will need to be transferred out in due course, will they not?
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Alexland said:masonic said:EQi LISAs will need to be transferred out in due course, will they not?
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I have recently tried to transfer my CASH LISA to OneFamily and wont allow me it looks like they have stopped accepting referrals from LISAs.Nurse striving for financial freedom2
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MFW2026 said:I have recently tried to transfer my CASH LISA to OneFamily and wont allow me it looks like they have stopped accepting referrals from LISAs.Yes they don't seem to mention anything about accepting LISA transfer requests on their website anymore so that seems to be another transfer option gone. It's really not looking good for the future development of the LISA market.1
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Alexland said:MFW2026 said:I have recently tried to transfer my CASH LISA to OneFamily and wont allow me it looks like they have stopped accepting referrals from LISAs.Yes they don't seem to mention anything about accepting LISA transfer requests on their website anymore so that seems to be another transfer option gone. It's really not looking good for the future development of the LISA market.0
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cricidmuslibale said:Alexland said:MFW2026 said:I have recently tried to transfer my CASH LISA to OneFamily and wont allow me it looks like they have stopped accepting referrals from LISAs.Yes they don't seem to mention anything about accepting LISA transfer requests on their website anymore so that seems to be another transfer option gone. It's really not looking good for the future development of the LISA market.
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