LISA transfers over age 40

Aretnap

masonic said:

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.

At the moment I would say that it's really not looking good for the future development of almost the entire savings market! I never thought I'd ever feel the need to say this but I've now resorted to praying for some significant inflation in the near future, so that the Bank of England feel duty bound to at least slightly raise the horribly low 0.1% base rate! Very sadly I can't see any other factors at the moment that may dissuade the vast majority of savings providers from continuing to lower their savings rates even further from the dreadfully low levels that they already are at now!

People tend to focus too much on the nominal interest rate when they should be more concerned about the inflation adjusted rate. Inflation would need to really bite for the BoE to take action that could send GDP on a nose-dive. I would think 2-3% inflation would be welcomed with no corrective action needed, so how high would inflation need to go to precipitate a rise in base rate to 1% I wonder?

Indeed, and it's worth remembering that the bank's inflation target is actually 2% and that they are currently failing to meet it (not that anyone seems to pay much attention to the inflation target anymore). If inflation did nudge up to 2% then the correct policy response from the bank might be to conclude that interest rates of 0.1% were obviously about right, and that they should stay where they are. So it's very much a case of being careful what you wish for; you could end up losing 1.9% of your spending power to inflation instead of 0.8%.

dwhl

Hi,
I can confirm that you are still able to open a S+S LISA when over 40 with EQi for the purposes of transferring a cash LISA which was opened and funded when under 40.  Mine has just gone through recently.  You need to complete the paper form in the other thread on page 1.
now to decide on what to invest in....there appears to be a limited number of funds compared to other platforms?

masonic

dwhl said:

Hi,
I can confirm that you are still able to open a S+S LISA when over 40 with EQi for the purposes of transferring a cash LISA which was opened and funded when under 40.  Mine has just gone through recently.  You need to complete the paper form in the other thread on page 1.
now to decide on what to invest in....there appears to be a limited number of funds compared to other platforms?

It didn't seem very limited when I looked. What's missing? Maybe we can suggest equivalent alternatives.

Nurse2047

Thankyou all, form has been sent off. Can anyone shed any light on the Royal London Sustainable World Trust fund? i am mindful i need to be adventurous as 19 years until i can withdraw but wish to invest ethically. 

dwhl

Hello,
Maybe limited was the wrong word....I was just looking for some of the more popular funds that are mentioned on this board vanguard LS, HSBC ftse etc and couldn’t see either?   Am I missing something?  Any alternatives?
many thanks

eskbanker

dwhl said:

Hello,
Maybe limited was the wrong word....I was just looking for some of the more popular funds that are mentioned on this board vanguard LS, HSBC ftse etc and couldn’t see either?   Am I missing something?  Any alternatives?
many thanks

https://eqi.co.uk/info/funds/search#?universeId=FOALL$$ALL_4219&investmentType=funds gives you a search engine returning all the usual suspects....

anxiousnow

Is it normal for EQi to open a share dealing account for those who transfer a LISA to them, at a standing cost of approx £17 per year? Have messaged them querying it, but no response.

grumiofoundation

anxiousnow said:

Is it normal for EQi to open a share dealing account for those who transfer a LISA to them, at a standing cost of approx £17 per year? Have messaged them querying it, but no response.

On Eqi's website it says you should get a free dealing account with the LISA. Have they charged you (or said they will charge you)?

Nurse2047

I have the same dealing account added and letter stating of charge £17 a year, no response from EQI as yet.