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Nutmeg - Delays to LISA bonus payout
CashCruncher
Posts: 4 Newbie
Hi everyone,
I opened up a H2B ISA a few years back and had been putting money aside on a regular basis.
When I heard about the LISA and as soon as they opened up, I opened a LISA with Nutmeg and transferred £1 to "get the clock started" as you have a LISA open for at least a year before you can use it for a house purchase.
During this year, Skipton Building Society offered a Cash LISA so I switched and moved everything over (including my Help 2 Buy ISA).
I understand that if you transferred a H2B ISA into a LISA in the first year you get a double bonus (on the money already in the H2B ISA and the savings put into the LISA in the first year) however, I have been experiencing problems with Skipton Building Society around this.
Apparently Nutmeg haven't declared the H2B ISAs properly/ LISA account opening properly which means Skipton Building Society are currently unable to apply for the government bonus top up. This should have been paid in 21 days after the start of the new tax year but this hasn't happened.
Is anyone else experiencing this issue? If so, has anyone heard of a resolution date to get this sorted?
I'm getting a little nervous as I'm aiming to buy buy first house sooner rather than later.. Have anyone got an ongoing complaint and how's it going?
:undecided:undecided
Thanks.
I opened up a H2B ISA a few years back and had been putting money aside on a regular basis.
When I heard about the LISA and as soon as they opened up, I opened a LISA with Nutmeg and transferred £1 to "get the clock started" as you have a LISA open for at least a year before you can use it for a house purchase.
During this year, Skipton Building Society offered a Cash LISA so I switched and moved everything over (including my Help 2 Buy ISA).
I understand that if you transferred a H2B ISA into a LISA in the first year you get a double bonus (on the money already in the H2B ISA and the savings put into the LISA in the first year) however, I have been experiencing problems with Skipton Building Society around this.
Apparently Nutmeg haven't declared the H2B ISAs properly/ LISA account opening properly which means Skipton Building Society are currently unable to apply for the government bonus top up. This should have been paid in 21 days after the start of the new tax year but this hasn't happened.
Is anyone else experiencing this issue? If so, has anyone heard of a resolution date to get this sorted?
I'm getting a little nervous as I'm aiming to buy buy first house sooner rather than later.. Have anyone got an ongoing complaint and how's it going?
:undecided:undecided
Thanks.
0
Comments
-
Someone else posted a rather vaguer question about this a couple of days ago on the main LISA thread at https://forums.moneysavingexpert.com/discussion/comment/74428237#Comment_74428237 so it would appear that you're not alone, if that's any consolation.
You'll need to keep chasing Skipton as it's their responsibility to sort it out - if you're not getting anywhere with your complaint and it starts to become more urgent then you can escalate to the Financial Ombudsman Service.0
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