Transferring LISA

byeo · 20 January 2020 at 2:21PM

I'm looking into moving my LISA from Skipton BS to Moneybox given their interest rate is better. Before I do so, I'd just like to confirm something.

As I'll be opening a new LISA with another bank, will the "must be open for 1 year" rule come back into force? I've had my LISA open with Skipton since 2018 so I can now use it to buy a house. Would I now need to wait another year if I opened one with Moneybox?

badger09 · 20 January 2020 at 2:40PM

byeo wrote: »

I'm looking into moving my LISA from Skipton BS to Moneybox given their interest rate is better. Before I do so, I'd just like to confirm something.

As I'll be opening a new LISA with another bank, will the "must be open for 1 year" rule come back into force? I've had my LISA open with Skipton since 2018 so I can now use it to buy a house. Would I now need to wait another year if I opened one with Moneybox?

No. The original opening date will still apply. You must, obviously, ask the new LISA provider to do the transfer for you.

Alexland · 20 January 2020 at 8:21PM

For peace of mind you may also want to keep a printed statement from the old provider showing how long the account was open as evidence in case the new provider incorrectly applies the penalty when your solicitor requests the withdrawal.

Transferring LISA

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