LISA issue from the start

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Sorry for the long story in advance:

I went into the Nottingham building society in town a few months ago to enquire about a Lisa. I asked about setting it up online and in branch, and they recommended doing it in branch as I'd also get a passport, so I asked if I'd still get online access and they said yes. Anyway I left and gave myself a little time to think it over to see if the Lisa would be right for me.

Fast forward to last week, I went into another branch which is slightly more local/convenient in order to set my Lisa up. And although you can set it up online through the Nottingham, I felt that doing it in branch seemed a better option, especially based on the previous advice.

Anyway, during the process of setting it up I asked the the advisor at least three times about the online account. He assured me that I be able to login to/access my account online and and see my money go into my account. And after a short conversation about it being finally set up I was in hurried out the door with only my in branch passport to use for depositing my money.

After getting home I realised I didn't get my details for an online account, nor any other forms about my account with the T&C's etc. Because of this I thought I'd message their online customer services, in which they they have now said that I was misadvised and I cannot actually access my account online. And if you set up a Lisa in branch you can only deal with your account and money in branch. 😤 I asked if it could be transferred to an online account, and the answer was no and that it wasn't possible.

I'm really annoyed as I wanted an online Lisa from the off, in case I ever move to a different city in the future for work - and because of being misadvised on 2 separate occasions now means I'd have the hassle of having to go in branch just to check my money has actually gone in correctly. - and what happens if the branch closes in the future? (But luckily I've only put in £10 so far)

Also, the lack of paperwork and details online means I'm stuck for what to do next. As there aren't any details on what happens if I cancel my Lisa and reopen and online account, or if I can transfer it to another Lisa supplier online.

Overall I've found that Nottingham building society systems seem really outdated throughout this process, considering these Lisa's are aimed at young people who generally prefer online banking. - and really how hard could it be to transfer my details (presumably already on a digital database) to the online accounts.

Anyway I'd appreciate any advice for what my next move should be in terms of potentially transferring it to another 'online' supplier and how this would affect the bonus etc... or whether I'd be better off paying in the £4000 and transferring it in April so I still receive this year's bonus?
Or would I be best cancelling it now and reopening it as an online account ? (But again would this affect the bonus)

Thanks in advance for anyone who is willing to advise after reading all of this!

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  • masonic
    masonic Posts: 23,278 Forumite
    Photogenic Name Dropper First Post First Anniversary
    edited 3 September 2019 at 8:01PM
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    Does the account have a cooling off period? If so, exercising that, followed by applying online would seem the best route.

    Edit: https://www.thenottingham.com/~/media/files/savings/factsheets/lifetime-isa.pdf?la=en

    "2.1 If you change your mind about opening an account and tell us in writing within 30 days of receiving your Lifetime ISA confirmation letter, we will give you your money back subject to the following provisions...
    2.2 Your cancelled Lifetime ISA will not count as a Lifetime ISA/ISA subscription for that year. You will be treated as though you have not opened and subscribed to the Lifetime ISA. We will return the amount deposited. No withdrawal charge will apply."
  • Emb94
    Emb94 Posts: 13 Forumite
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    :dance: :money:

    Aha! this was the paperwork he showed me in the office! - But he didn't give it to me when leaving.
    I'll take a thorough read of it and see what options I have.

    This is a massive help and I really appreciate your advice on the cooling off period. Especially if that helps to prevent any loss in gaining the bonus :wink:

    Thanks!
  • Emb94
    Emb94 Posts: 13 Forumite
    First Anniversary First Post
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    Just though I'd update (incase anyone else has the same issue in the future and sees this thread)

    I didn't receive an official confirmation letter as such (as customer services said the passport is the official paperwork) so I ended up going back to the branch I'd set up the Lisa with and they cancelled it there and then within the 30 day cooling off period.

    Ironically after cancelling, I received an email saying I'd no longer have access to my online account? :rotfl: oh well!
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