Lifetime ISA 12 month question
binaryuniverse
Forumite 899 Posts
A few years ago, I opened a Skipton LISA. Last year, around March, I opened a Beehive LISA and transferred my Skipton balance in to that around May 2022.
It's possible I may need those funds to buy a house in the near future. So I'm just wondering when the 12 month rule actually applies.
On Skipton's site, they do specifically mention that transfers in to their accounts doesn't reset the clock, and the rule applies from the original account opening.
On Beehive's site/app they state that the clock starts from account opening. They do not specifically mention transfers, that I could see, so it's unclear as to what the rule is there.
According to the article on this site, it seems the 12 month clock only applies when I opened the Skipton account.
https://www.moneysavingexpert.com/savings/lifetime-isas/
It seems it's the case that the 12 month rule only applies from time of opening the Skipton account, but I'd like to be sure. And yes, I have contacted Beehive. Still awaiting an answer, hence this post looking for clarity. I don't know if LISAs have a blanket rule for this, or if providers have their own.
It's possible I may need those funds to buy a house in the near future. So I'm just wondering when the 12 month rule actually applies.
On Skipton's site, they do specifically mention that transfers in to their accounts doesn't reset the clock, and the rule applies from the original account opening.
On Beehive's site/app they state that the clock starts from account opening. They do not specifically mention transfers, that I could see, so it's unclear as to what the rule is there.
According to the article on this site, it seems the 12 month clock only applies when I opened the Skipton account.
https://www.moneysavingexpert.com/savings/lifetime-isas/
It seems it's the case that the 12 month rule only applies from time of opening the Skipton account, but I'd like to be sure. And yes, I have contacted Beehive. Still awaiting an answer, hence this post looking for clarity. I don't know if LISAs have a blanket rule for this, or if providers have their own.
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