LISA for an over 40

Nurse2047

I’m finding the Dodl service so far very good, they get back to you very quick on the app and get things sorted. The funds are limited however use vanguard and fidelity for s&s isa and JISAs so don’t mind that. Was good they accepted the referral after I was 40

JakeHyde

Found myself in exactly the same position, I opened an account with Skipton with £1, finally had something to put in it when I was 46, I’ve only added 4000 in since last year, so before adding another 4000 I’m going to switch to Dodl tomorrow… unless anything better has come out.🤷🏻‍♂️

CompulsiveSaver

JakeHyde said:

Found myself in exactly the same position, I opened an account with Skipton with £1, finally had something to put in it when I was 46, I’ve only added 4000 in since last year, so before adding another 4000 I’m going to switch to Dodl tomorrow… unless anything better has come out.🤷🏻‍♂️

To be quite honest, I am quite glad I didn't add anything to the LISA over the years, the 25% uplift is being eroded over time due to the lower rate, all the problems transferring when you are over 40, which lets face it is rather a predictable change for those below the age of 40!

As an aside, I find it quite comical that Skipton actually show the interest rate on all the other product pages, but not on the LISA...  I wonder why! couldn't possibly be the significantly lower rate could it?  although they do mention the 25% government bonus several times...

eskbanker

CompulsiveSaver said:

As an aside, I find it quite comical that Skipton actually show the interest rate on all the other product pages, but not on the LISA...  I wonder why! couldn't possibly be the significantly lower rate could it?  although they do mention the 25% government bonus several times...

Not sure where you're looking but for me the rate is prominently displayed on the product page at https://www.skipton.co.uk/savings/isas/cash-lifetime-isa

JakeHyde

eskbanker said:

CompulsiveSaver said:

As an aside, I find it quite comical that Skipton actually show the interest rate on all the other product pages, but not on the LISA...  I wonder why! couldn't possibly be the significantly lower rate could it?  although they do mention the 25% government bonus several times...

Not sure where you're looking but for me the rate is prominently displayed on the product page at https://www.skipton.co.uk/savings/isas/cash-lifetime-isa

I finally jumped ship and went with Dodl S&S L-ISA, even if I don’t invest, I’m getting a nice 5.09% interest. Sorry Skipton.

LL_USS

JakeHyde said:

I finally jumped ship and went with Dodl S&S L-ISA, even if I don’t invest, I’m getting a nice 5.09% interest. Sorry Skipton.

@JakeHyde by saying "even if I don't invest", do you mean Dohl cash L-ISA when you opened was 5.09% interest?

eskbanker

LL_USS said:

JakeHyde said:

I finally jumped ship and went with Dodl S&S L-ISA, even if I don’t invest, I’m getting a nice 5.09% interest. Sorry Skipton.

@JakeHyde by saying "even if I don't invest", do you mean Dohl cash L-ISA when you opened was 5.09% interest?

Dodl don't do a cash LISA, so the poster was referring to the fact that uninvested cash within their S&S LISA earns decent interest.

LL_USS

eskbanker said:

@JakeHyde by saying "even if I don't invest", do you mean Dohl cash L-ISA when you opened was 5.09% interest?

Dodl don't do a cash LISA, so the poster was referring to the fact that uninvested cash within their S&S LISA earns decent interest.

@eskbanker - I see your point about Dohl is not for cash ISA, thanks for letting me know.

If money is in an S&S account then I thought all of it has to be invested, no? And when invested, the return is fluctuated all the time, and we only work out the average return in a year, right? Sorry I am really wet behind the ears for this.

eskbanker

LL_USS said:

eskbanker said:

@JakeHyde by saying "even if I don't invest", do you mean Dohl cash L-ISA when you opened was 5.09% interest?

Dodl don't do a cash LISA, so the poster was referring to the fact that uninvested cash within their S&S LISA earns decent interest.

@eskbanker - I see your point about Dohl is not for cash ISA, thanks for letting me know.

If money is in an S&S account then I thought all of it has to be invested, no? And when invested, the return is fluctuated all the time, and we only work out the average return in a year, right? Sorry I am really wet behind the ears for this.

No, money can be paid into most investment accounts and left uninvested.

LL_USS

eskbanker said:

No, money can be paid into most investment accounts and left uninvested.

@eskbanker I see. I learn so much today :-). I have just googled to see yes money invested in S&S can be held as cash till we are ready to invest. And yes, https://dodl.co.uk/lifetime-isa says you can earn 5.09% Variable with L-ISA. Ahhhh why didn't I see that. I moved my L-ISA to Tembo and it's only 4.3% variable and now have to wait till the end of this financial year to move out of it to Dodl. Doh!