Advice on swapping cash retirement LISA

jaspermoneysaver

I currently have a cash retirement LISA with Beehive at 3.3%. The interest is paid annually in April. 

I was considering swapping to Money Box as their rate is 5% for a year, paid monthly.  

Am I best to stay with beehive until I have received the interest in April? Or will swapping be worth it now? 

Thanks in advance to those better at maths than me. Go easy this is my first time here! 

Albermarle

If you are saving for retirement long term, then in fact the usual advice would be to change to a Stocks and Shares LISA, rather than a cash one.
Although interest rates are currently above inflation, normally long term you need to invest to keep ahead of inflation.

Middle_of_the_Road

jaspermoneysaver said:

I currently have a cash retirement LISA with Beehive at 3.3%. The interest is paid annually in April. 

I was considering swapping to Money Box as their rate is 5% for a year, paid monthly.  

Am I best to stay with beehive until I have received the interest in April? Or will swapping be worth it now? 

Thanks in advance to those better at maths than me. Go easy this is my first time here! 

The % difference between the two will be insignificant compared to the government top up. Also the moneybox lisa rate will reduce, as it includes a bonus for the first12 months.