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LISA Transfers
inbuilt
Posts: 9 Forumite
I have just got an email from Moneybox saying they won’t transfer my LISA from Beehive Money (Nottingham Building Society) as I used to have my LISA with them previously. Are they allowed to do this? It sounds highly anticompetitive!
Many thanks in advance.
Many thanks in advance.
Currently Moneybox offer 1.2% interest and Beehive Money currently 0.9% I believe. So 33% less interest
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Comments
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It's been mentioned previously on the ISA sub-board, with an unsubstantiated suggestion that it's "due to technical\operational reasons":
https://forums.moneysavingexpert.com/discussion/6378168/moneybox-lisa
https://www.moneyboxapp.com/faqs/how-do-i-transfer-my-moneybox-isa-to-another-provider/ doesn't offer any such explanation but does include 'currently' as if it's not a permanent restriction:Please note that if you are transferring out a Cash LISA to another provider, it isn’t currently possible to transfer back to Moneybox once the transfer out is complete.
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