ISA transfer help to LISA

pookey

Hi I've just opened the moneybox lifetime ISA, it's not funded yet. 

I was planning to put a little money in and top up the rest at the end of September. 

However i have a flexible isa with chip so i was thinking it's more worthwhile to do an isa transfer as I'll let the bonus from HMRC so will earn interest on that too. 


The chip isa is around 5 or 5.1%.
Moneybox is 4% but a 1% bonus at the end of one year.


Can anyone help pls? 

Mark_d

So you want to fund your Lifetime ISA, get the HMRC bonus, and then transfer to a regular cash ISA?

I believe this would be treated as a withdrawal from your Lifetime ISA and you would have to pay the 25% fee.

pookey

Mark_d said:

So you want to fund your Lifetime ISA, get the HMRC bonus, and then transfer to a regular cash ISA?

I believe this would be treated as a withdrawal from your Lifetime ISA and you would have to pay the 25% fee.

No i was planning to transfer from cash ISA to LISA to get the bonus