Lifetime ISAs guide

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  • snowqueen555
    snowqueen555 Posts: 1,521 Forumite
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    A pending problem? I filled in a form to transfer my HSBC HTB balance at April 17 into my LISA that already has 4k invested in it. The email from HL suggests they are transferring the whole pot, including contriutions for this financial year. It isn't much more, but it means I'm putting too much in there?

    I also want to know what happens the HSBC HTB account, I'd like to keep that open and keep depositing. They won't close it will they?
  • Alexland
    Alexland Posts: 9,653 Forumite
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    edited 31 October 2017 at 9:06PM
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    Yes sounds like you need to investigate further - suggest you contact your old provider first and explain what you are trying to do and ask what instruction they received from your new provider.
  • Hipperty
    Hipperty Posts: 21 Forumite
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    Hi again. I thought I'd got a handle on the LISA rules, but then read something else and got further confused.
    So, I understand that you can have both a H2B isa and a cash LISA this year, but cannot get the bonus on both.
    Once my H2B funds have been transferred into my cash LISA and fund topped up to £4000 for both this tax year and then again on April 6th next year, can I then continue to save into my H2B isa for 2018/19, even if I've put the full £4000 into my LISA for 2018/19?
    Thanks in advance ��
  • Ed-1
    Ed-1 Posts: 3,892 Forumite
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    Hipperty wrote: »
    Hi again. I thought I'd got a handle on the LISA rules, but then read something else and got further confused.
    So, I understand that you can have both a H2B isa and a cash LISA this year, but cannot get the bonus on both.
    Once my H2B funds have been transferred into my cash LISA and fund topped up to £4000 for both this tax year and then again on April 6th next year, can I then continue to save into my H2B isa for 2018/19, even if I've put the full £4000 into my LISA for 2018/19?
    Thanks in advance ��

    Yes you can save into both as they're different ISA types. But you need to be careful that your H2B ISA provider doesn't close the account. If you transfer everything in the H2B ISA across to LISA then it'll probably close it. So you need to leave something in it.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    You can get the bonus on both but you can only use one towards a house purchase. For example you could use the HTB with bonus for the house and withdraw the LISA with bonus at 60 years old.

    Yes next tax year you can save in both but if you use the LISA for the house purchase you will not get a bonus on the HTB ISA. You will still get a good interest rate on the HTB ISA. You must tell your HTB ISA provider when you are no longer eligible for the product.

    Alex
  • dehydrogenated
    dehydrogenated Posts: 7 Forumite
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    I put some dosh into the nutmeg stocks and shares LISA when all this first came out, then transferred it to the Skipton cash LISA when that started. Can I use it for a house on the anniversary of opening the nutmeg LISA or the Skipton LISA?
  • Ed-1
    Ed-1 Posts: 3,892 Forumite
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    dehydrogenated wrote: »
    I put some dosh into the nutmeg stocks and shares LISA when all this first came out, then transferred it to the Skipton cash LISA when that started. Can I use it for a house on the anniversary of opening the nutmeg LISA or the Skipton LISA?

    Nutmeg. It's the date of the first deposit into the first opened LISA that has been transferred that counts.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    It's the anniversary of you first opening the LISA regardless of your choice to change provider along the way.
  • rachlikeswinter
    rachlikeswinter Posts: 217 Forumite
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    Any idea if the base rate rise is going to mean Skipton will increase the dizzying heights of their LISA interest rate..?
  • Alexland
    Alexland Posts: 9,653 Forumite
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    It's possible but in my opinion not highly likely.
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