Hargreaves Lansdown - Funding LISA from Fund & Share account?

LeadFarmer

I'd like some help moving money into a HL LISA from the HL Fund & Share account I created please.

I've set up a HL account for my son and then opened up a LISA, and at the time of doing so I funded it with £100 to get it going whilst I awaited cashing in some Premium Bonds to top it up to the £4k maximum.

I then created a Fund & Share account for any fees to be taken from, so that they weren't taken from the LISA itself. I then paid in the Premium Bond money into the F&S account and I now want to move this money into the LISA, but when I go to fund the LISA I get prompted to fund it from a bank card. I dont want to do that, I want to fund it from the F&S account.

Is there a way to do this please?

masonic

I don't think there is a way for you to do an internal transfer, but they may be able to do it for you.

Otherwise withdraw from F&S and then add via debit card.

Incidentally, it is more efficient to pay fees from an account within which you've received a bonus, so I'd question the benefit of paying fees from the F&S account.

LeadFarmer

Thanks

I phoned HL and they moved the money from the F&S account and into the LISA account, and I thin purchased a Vanguard LifeStrategy 80. I really wanted the Vanguard Global All Cap Index but that wasn't available as a LISA

As for paying fees, I didn't want any of the LISA investment to be used to pay the fees so I assumed I needed a Fund & Share account to park some money into, to cover any fees. HL said that can be done so I have set it up that way.

Are you saying the preferred way is to pay fees from within the actual LISA?

masonic

Hmm, I don't think there are any differences in available investments within the LISA, so All Cap should have been there.

For the fees, consider paying £4000 into the LISA and keeping £45 in your son's F&S account:

• The £4000 becomes £5000 owing to the bonus
• You pay £45 over the year in capped LISA fees
  • If the £45 comes from the £5000 post-bonus LISA balance, then you've paid £36 of your own money towards fees → End result £5009
  • If the £45 comes from the £45 in the F&S account, then you've paid £45 of your own money → End result £5000