Transfer Cash Lisa to S&S Lisa after 40.

littlecub

Hi, 
My cash isa rate is pitiful, and I have completed my first time home purchase without using my cash LISA, therefore the lisa wont be touched for a fair few years at retirement.  I am happy to let my lisa sit for a further couple of decades but obviously want more than the 3% or so the nottingham is giving me, what are my options for transferring this cash lisa to a s&s lisa over 40 years of age. 

Alexland

littlecub said:

Hi, 
My cash isa rate is pitiful, and I have completed my first time home purchase without using my cash LISA, therefore the lisa wont be touched for a fair few years at retirement.  I am happy to let my lisa sit for a further couple of decades but obviously want more than the 3% or so the nottingham is giving me, what are my options for transferring this cash lisa to a s&s lisa over 40 years of age. 

AJ Bell still accept LISA transfers from over 40s and their main platform is attractive if you are going to continue to contribute to earn £1k LISA bonuses until age 50 because they eventually cap their platform fees once the account gets big enough if you hold exchange traded assets. If you are unlikely to build up a large account valuation (or at least not anytime soon) then their cut down Dodl LISA would likely work out cheaper on a small S&S LISA.

littlecub

Alexland said:

littlecub said:

Hi, 
My cash isa rate is pitiful, and I have completed my first time home purchase without using my cash LISA, therefore the lisa wont be touched for a fair few years at retirement.  I am happy to let my lisa sit for a further couple of decades but obviously want more than the 3% or so the nottingham is giving me, what are my options for transferring this cash lisa to a s&s lisa over 40 years of age. 

AJ Bell still accept LISA transfers from over 40s and their main platform is attractive if you are going to continue to contribute to earn £1k LISA bonuses until age 50 because they eventually cap their platform fees once the account gets big enough if you hold exchange traded assets. If you are unlikely to build up a large account valuation (or at least not anytime soon) then their cut down Dodl LISA would likely work out cheaper on a small S&S LISA.

great, sounds like a good option, I will try an open an investment account now as it states this on the transferring in requirements..
If you've already turned 40 and haven't already opened a Lifetime ISA elsewhere, or you don’t already hold another account type with us, it isn't possible to open and pay into a new Lifetime ISA account with AJ Bell.

Alexland

littlecub said:

great, sounds like a good option, I will try an open an investment account now as it states this on the transferring in requirements..
If you've already turned 40 and haven't already opened a Lifetime ISA elsewhere, or you don’t already hold another account type with us, it isn't possible to open and pay into a new Lifetime ISA account with AJ Bell.

From the main AJ Bell site:

https://www.ajbell.co.uk/isa/lifetime-isa/over-40
"If you’re over 40 and have a LISA with another provider, you can still transfer it to us. And although you need to be aged 18-39 when you first open a Lifetime ISA, you can keep paying in and receiving a government bonus until you turn 50."

From the AJ Bell Dodl site:

https://help.dodl.co.uk/en/articles/6687078-can-i-transfer-my-lifetime-isa-to-dodl-if-i-m-40-or-over
"Can I transfer my lifetime ISA to Dodl if I'm 40 or over?
Yes you can! And actually, Dodl is one of the only lifetime ISA providers this is possible with (yay!). To transfer yours, simply open a Dodl lifetime ISA then enter the details of the one you're bringing over to it. "

With both platforms you then need to make investment choices - the main AJ Bell platform offers a wide choice of investments but some people may prefer the simplicity of the reduced range of funds on the Dodl platform.

Albermarle

Be aware that DODL is an app only platform.
AJ bell also have an app but you can also operate the account on your PC/laptop.