Moneybox didn't open LISA

Aguy

Hi,

I opened a LISA on May 17th 2021
The day before my 40th and set it to add £1 as this was the last day it could add

They're saying my account is invalid because their collection day, which would've added the required minimum £1, was the 19th (day after my 40th)

Can I do anything ? Can I appeal?

dunstonh

This is a fairly straightforward scenario.

It isn't the day the account is opened that matters.  It is the day the first deposit got to the account.   

masonic

https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors
"Date of subscription

Where the ISA manager has an instruction from the investor and is in control of the collection of the payment, the date of subscription is the date the manager is instructed to collect the payment provided:

• the instruction was accepted
• the payment is received in due course

...

direct debit – the date on which the ISA manager is authorised to draw on the direct debit, provided that the cash transfer takes place in due course. If that date is earlier than the date on which the direct debit mandate is received and accepted by the ISA manager the date of subscription is the later date (further information is available in circumstances where the investor makes a claim under the direct debit indemnity scheme

debit card, charge card or credit card – the date on which authorisation is given by the investor"

If you had made a subscription by debit card (if permitted), then you would have been ok. Clearly a direct debit instruction would not have been able to collect a payment after just 2 working days, so perhaps you could clarify which method of payment you used to fund your LISA.