Beehive Cash LISA

Tugboat

Just transferred out of my Moneybox Cash Lisa into Beehive which is Nottingham Building Society.

Currently they are offering 0.5% interest plus £50 Cashback. Doing it through Beehive they allow Cash LISA transfers if you are over 40 which was not possible doing it directly though Nottingham BS. 

Albermarle

Unfortunately they do not offer a S&S LISA, even though Beehive promote the LISA as a way of building up retirement income So still seems to be nowhere to transfer in to a S&S LISA after 40 ,

Alexland

Albermarle said:

So still seems to be nowhere to transfer in to a S&S LISA after 40

...apart from paying an advisor to transfer the LISA to the Transact platform which Dunstonh confirmed would accept those 40+ a few months ago.

Tugboat

Albermarle said:

Unfortunately they do not offer a S&S LISA, even though Beehive promote the LISA as a way of building up retirement income So still seems to be nowhere to transfer in to a S&S LISA after 40 ,

Unfortunately this is the case, I have given up trying to move mine into S&S, just letting people know who wish to maximise their Cash ISA and receive this cashback offer 

Mosler

Do Beehive pay the £50 bonus for just the home buyer LISA or the retirement LISA too, or doesn't it matter as long as you transfer in at least £10k?

If you have an existing LISA, can you open a LISA with a different provider in a new tax year, if you are aged over 40?

Albermarle

The Home buyer and Retirement LISA are not two different products.
It is one LISA that can be used to buy a first home or used for retirement.
For example you could start a LISA to buy a first home but then never use it for that purpose and keep it for retirement/when you are 60 ,
The way Beehive marketing presents it as two separate products is a bit misleading.
I am pretty sure you can not open a New Lisa when you are over 40 , in any circumstances.

eskbanker

Mosler said:

If you have an existing LISA, can you open a LISA with a different provider in a new tax year, if you are aged over 40?

Albermarle said:

I am pretty sure you can not open a New Lisa when you are over 40 , in any circumstances.

You can only open a new LISA after 40 if it's specifically to receive an inward transfer from one opened earlier, plus two other circumstances outlined at https://www.gov.uk/guidance/managing-lifetime-isa-applications-and-accounts

Individuals who are 40 or older are not eligible to open a Lifetime ISA. They can however open an account to receive:

• a transfer from a Lifetime ISA that the investor opened before they were 40
• a defaulted Lifetime ISA payment
• a returned withdrawal after a failed first time residential purchase

Mosler

Is Moneybox the only Stocks and Shares LISA provider that accepts LISA transfers?  Hargreaves Lansdown accept transfers from an ISA but not a LISA. I'm waiting for an answer from Nutmeg as I can't find the answer on their website.

eskbanker

A J Bell do: https://www.youinvest.co.uk/lifetime-isa/transferring-into-a-lifetime-isa

Transferring into a Lifetime ISA

You can transfer a Lifetime, Help to Buy, Stocks and shares or cash ISA to an AJ Bell Youinvest Lifetime ISA. It’s free to open an account, and we won’t charge you anything to transfer in.

but Nutmeg don't: https://www.nutmeg.com/lifetime-isa/lifetime-isa-faq#can-i-transfer-other-isas-into-a-lifetime-isa

Can I transfer other ISAs into a Lifetime ISA?

ISA rules stipulate that you can transfer any other ISAs you have into the Lifetime ISA, up to the maximum of £4,000 per year. However, this feature is not yet available at Nutmeg.

Mosler

eskbanker said:

A J Bell do: https://www.youinvest.co.uk/lifetime-isa/transferring-into-a-lifetime-isa

Transferring into a Lifetime ISA

You can transfer a Lifetime, Help to Buy, Stocks and shares or cash ISA to an AJ Bell Youinvest Lifetime ISA. It’s free to open an account, and we won’t charge you anything to transfer in.

but Nutmeg don't: https://www.nutmeg.com/lifetime-isa/lifetime-isa-faq#can-i-transfer-other-isas-into-a-lifetime-isa

Can I transfer other ISAs into a Lifetime ISA?

ISA rules stipulate that you can transfer any other ISAs you have into the Lifetime ISA, up to the maximum of £4,000 per year. However, this feature is not yet available at Nutmeg.

If your 40 or over though you can't open a LISA with AJ Bell.

For Nutmeg I saw that on the website but I thought they just meant other ISA's and not LISA's, maybe I've misunderstood it though.

eskbanker

Mosler said:

If your 40 or over though you can't open a LISA with AJ Bell.

Ah right, if you specifically meant transfers once over 40 then that's an entirely different matter, as discussed at the start of the thread.

Mosler said:

For Nutmeg I saw that on the website but I thought they just meant other ISA's and not LISA's, maybe I've misunderstood it though.

I interpreted 'other ISAs' to mean ISAs with other providers, rather than non-Lifetime ISAs, but it could be read either way.