Nationwide help to buy isa / changing to Lifetime isa

Nikster73

Good Afternoon
My husband opened up a help to buy Isa in 2020 with Nationwide- there is around £1800 in it.  We purchased  a new property together in Sept 20.  Unfortunately due to me not being a fist time buyer, we were unable to benefit from the help to buy Isa.

As my husband is 36 he is applicable to open up a lifetime isa, this will be a pension for later on in life.   Would there be any benefit to withdrawing the £1800 from the help to buy isa and depositing it in to a Lifetime Isa before 5th April 2021?  I have a feeling it won't, as I read that the money has to be in the account for 1 year?  The Nationwide domino offer a lifetime Isa, so we need to move it elsewhere.  Also wondering which organisation is best for a lifetime isa.

Thanks

eskbanker

Nikster73 said:

My husband opened up a help to buy Isa in 2020 with Nationwide
Seems unlikely - the scheme closed to new applicants in 2019!

We purchased  a new property together in Sept 20.  Unfortunately due to me not being a fist time buyer, we were unable to benefit from the help to buy Isa.
Your non-FTB status wouldn't have prevented him from using his HTB ISA, although it's academic now.

As my husband is 36 he is applicable to open up a lifetime isa, this will be a pension for later on in life.   Would there be any benefit to withdrawing the £1800 from the help to buy isa and depositing it in to a Lifetime Isa before 5th April 2021?
If he's now a property owner then he's no longer eligible to have a HTB ISA so needs to move the money somewhere else - a LISA is an option if he's happy to lock it away until 60 (or whatever the access age is by then).

I have a feeling it won't, as I read that the money has to be in the account for 1 year?
Not a problem if he won't be accessing it for 24 years?

The Nationwide domino offer a lifetime Isa, so we need to move it elsewhere.  Also wondering which organisation is best for a lifetime isa.
https://www.moneysavingexpert.com/savings/lifetime-isas/#bestbuys covers the main options - he should use a S&S one rather than a cash one, as the latter would be liable to lose real-terms value to inflation over the long term.

See comments inline above....

Nikster73

Thanks for your advice. Sorry, I meant 2019 ( seems we have lost a year)
Will he have gained any interest on the money sitting in the HTB isa?  
Is there a certain amount that must be deposited each year to achieve the 25% bonus with the Lifetime Isa?

Ed-1

Nikster73 said:

Is there a certain amount that must be deposited each year to achieve the 25% bonus with the Lifetime Isa?

NO (although you can't get 25% of a penny etc.) 

Nikster73 said:

Will he have gained any interest on the money sitting in the HTB isa? 

YES