Lifetime ISAs guide
Comments
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Indeed, I should have been more specific and stated the failure of the investment business.Not necessarily true in the event of fraud?
Fraud may or may not lead to the investment firm going bust, depending on its scale, but again the amount of money stolen is unlikely to be a significant proportion of the total assets under management even on a per fund basis. Though it is a reason to prefer large established providers to dilute this risk. I'm not aware of fraud ever having been purpetrated on a scale that has triggered an FSCS payout - I imagine frauds have occurred and the company in question quietly settled any claims.0 -
Are there any options for S&S LISAs with a sane fee structure? I have Vanguard S&S with 0.15% platform fee + 0.22% fund fee for LS60, but it doesn't look like anything comes close to that with that kind of fund available.0
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mcintyre1994 wrote: »Are there any options for S&S LISAs with a sane fee structure? I have Vanguard S&S with 0.15% platform fee + 0.22% fund fee for LS60, but it doesn't look like anything comes close to that with that kind of fund available.
There is less competition in the LISA market and more work for the LISA providers to administer the product. As such, similar to SIPPs, the fees tend to be a bit higher.
Good options include the discounted BlackRock Consensus 85 or 100 funds on HL (no fund trade fees) or VLS on Youinvest (lower platform fee but £1.50 fund trade fee).
After a few years of full contributions it makes sense to invest in ETFs or ITs to benefit from capped platform fees.
Alex0 -
Hi,
My LISA doesn't mature until June while my SO LISA matures in April. Ideally we want to buy from April/May and have a quick question.
here: MSE .com/savings/lifetime-isas/#property-4 it states "It's worth bearing in mind that if you open multiple LISAs, each one needs to have been open for more than 12 months to qualify. However, there's a way around this. Simply transfer all the money into the oldest one before you buy – then it all counts."
Does this mean that i am able to transfer my LISA's balance into my SO's LISA thus being able to use it from April? and if so do i keep the 25% bonus?
Rhys0 -
Not unless you are dating yourself. ISAs are not transferable to a different individual. That's what the 'I' in ISA stands for.RhysTheWookie wrote: »Hi,
My LISA doesn't mature until June while my SO LISA matures in April. Ideally we want to buy from April/May and have a quick question.
here: MSE .com/savings/lifetime-isas/#property-4 it states "It's worth bearing in mind that if you open multiple LISAs, each one needs to have been open for more than 12 months to qualify. However, there's a way around this. Simply transfer all the money into the oldest one before you buy – then it all counts."
Does this mean that i am able to transfer my LISA's balance into my SO's LISA thus being able to use it from April? and if so do i keep the 25% bonus?
Rhys0 -
Yes that comment only applies if the same person has multiple LISAs.
The legal process of buying property usually takes so many months (especially if there is a chain) it might be possible to use the SO LISA for the exchange deposit and your LISA towards the completion payment.
Alex0 -
Anyone had luck transferring out their Lisa from Hargreaves Lansdown? I'd like to put it in cash ISA.0
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snowqueen555 wrote: »Anyone had luck transferring out their Lisa from Hargreaves Lansdown? I'd like to put it in cash ISA.
No, but why would you need luck? They should be more than capable of supporting the transfer out? It's only transfers in that they have stopped. I would wait until you have completed your contributions for this tax year and received the associated bonus(s) before initiating the transfer. That way it's clean.
edit: assume you mean cash LISA good spot eskbanker
Alex0 -
Are you suggesting that you've tried and failed, or are you just establishing if there's anything to look out for?snowqueen555 wrote: »Anyone had luck transferring out their Lisa from Hargreaves Lansdown? I'd like to put it in cash ISA.
You will be charged a withdrawal penalty of 25% if you go ahead, so need to think carefully about whether this is the right thing to do or not! Or do you perhaps mean a cash LISA (a different thing)?0 -
Are you suggesting that you've tried and failed, or are you just establishing if there's anything to look out for?
You will be charged a withdrawal penalty of 25% if you go ahead, so need to think carefully about whether this is the right thing to do or not! Or do you perhaps mean a cash LISA (a different thing)?
I meant to say a cash LISA.
Some places don't accept transfers in, there isn't a lot of options.0
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