Missed Skipton LISA transfer deadline

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MissedLisaDeadline
MissedLisaDeadline Posts: 7 Forumite
in Savings & investments
As the title says really, I've missed the deadline for the HtB ISA transfer in date so my money is now stuck in my HtB ISA. I guess I can just do a standard bank transfer to get the money into the LISA account but I can't take advantage of the contributions I've made before the 2017/18 tax year.

My questions is does anyone have suggestions on what I should do at this point? I guess I have nothing now other than just transfer in the money as "new money" so I can only get the bonus on £4000, rather than the amount I would have if I made the transfer in time. Maybe I should keep the money in my HtB account and transfer the £4k from a different account since the interest (Halifax HtB ISA) is so high?

Many thanks
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  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    edited 8 March 2018 at 1:17PM
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    I know you had to do it by 2 March for Skipton in order for them to process it in this tax year. I posted my form Thursday, and the money was transferred out yesterday.

    You can ask, but I think if you were to do it now, there's not guarantee that they would do it before 5 April, and thus it can't count as this years allowance contribution.

    You're best to ring a branch and ask. You can still open an account and deposit £4,000 before 5 April to use this years allowance. You just can't transfer in your 2016/17 deposits.
  • Plus
    Plus Posts: 433 Forumite
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    AJ Bell Youinvest say:
    The transfer needs to have completed by the end of the tax year (5 April 2018), so you should start your transfer as soon as possible. We try to complete all transfers as quickly as we can, but the sooner we receive your transfer form, the more likely it is the transfer will be finished before the deadline. We can't guarantee your transfer will be completed by the end of this tax year.

    ie no fixed deadline, but get it in asap. Once you've done the HTB->LISA transfer to Youinvest you can then transfer out the LISA to someone else if investing isn't what you want.

    Youinvest will allow partial transfers, so you can keep the Halifax HTB open if you wish.
  • MissedLisaDeadline
    MissedLisaDeadline Posts: 7 Forumite
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    I've tried doing it but Skipton doesn't accept anymore of the transfer forms so I really don't think it is possible from this point onwards. They have taken the transfer forms off of their website.

    Looks like I'll have to do a bank transfer now :/
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
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    MissedLisaDeadline wrote: »
    I've tried doing it but Skipton doesn't accept anymore of the transfer forms so I really don't think it is possible from this point onwards. They have taken the transfer forms off of their website.

    Looks like I'll have to do a bank transfer now :/

    Look at the post above from Plus. This gives you a good workaround. You can transfer to AJ Bell into a S&S LISA, but you don't need to invest the money. Leave it as cash. Once the bonus has been paid, transfer it out again to Skipton!
  • MissedLisaDeadline
    MissedLisaDeadline Posts: 7 Forumite
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    ValiantSon wrote: »
    Look at the post above from Plus. This gives you a good workaround. You can transfer to AJ Bell into a S&S LISA, but you don't need to invest the money. Leave it as cash. Once the bonus has been paid, transfer it out again to Skipton!
    Oh but I already opened a Skipton LISA account and paid £100 into it. Can I still open a Stocks and shares one with AJ Bell? I thought you couldn't open more than one in a tax year, are cash LISAs and S&S LISAs treated as different accounts?
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
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    MissedLisaDeadline wrote: »
    Oh but I already opened a Skipton LISA account and paid £100 into it. Can I still open a Stocks and shares one with AJ Bell? I thought you couldn't open more than one in a tax year, are cash LISAs and S&S LISAs treated as different accounts?

    If you've already paid money into a LISA in this tax year then you can't pay any more in to a different one.

    S&S LISAs and cash LISAs are different, but you can only fund one in any tax year.

    I think that you may have prevented yourself from using the AJ Bell workaround by paying £100 into the Skipton LISA. Others may correct me, but I think that's it now.
  • MissedLisaDeadline
    MissedLisaDeadline Posts: 7 Forumite
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    ValiantSon wrote: »
    If you've already paid money into a LISA in this tax year then you can't pay any more in to a different one.

    S&S LISAs and cash LISAs are different, but you can only fund one in any tax year.

    I think that you may have prevented yourself from using the AJ Bell workaround by paying £100 into the Skipton LISA. Others may correct me, but I think that's it now.
    Thank you. There is a 30 day cancellation period so I can cancel that LISA account with Skipton which then means I am free to open another LISA account, as I no longer have an open LISA account. The only problem is that I think this is a bit risky as I might not make it in time since I'm not sure how long Skipton needs to close my account.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
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    MissedLisaDeadline wrote: »
    Thank you. There is a 30 day cancellation period so I can cancel that LISA account with Skipton which then means I am free to open another LISA account, as I no longer have an open LISA account. The only problem is that I think this is a bit risky as I might not make it in time since I'm not sure how long Skipton needs to close my account.

    Phone them as early as possible tomorrow and ask. Then, assuming that the news is good, open the AJ Bell LISA straight away and fill in the transfer form to transfer the balance from your HTB as it was on 5th April 2017, so that you can get the LISA bonus.
  • MissedLisaDeadline
    MissedLisaDeadline Posts: 7 Forumite
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    ValiantSon wrote: »
    Phone them as early as possible tomorrow and ask. Then, assuming that the news is good, open the AJ Bell LISA straight away and fill in the transfer form to transfer the balance from your HTB as it was on 5th April 2017, so that you can get the LISA bonus.
    Why only a portion of it? Is it because you think I should deposit the £4k allowance from different accounts so my remaining balance in my HTB benefits from the higher interest rate?
  • Curos
    Curos Posts: 28 Forumite
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    MissedLisaDeadline wrote: »
    Why only a portion of it? Is it because you think I should deposit the £4k allowance from different accounts so my remaining balance in my HTB benefits from the higher interest rate?

    I can't speak for what VS was suggesting but personally I did exactly as you have suggested and left this tax years contributions in the HTB ISA to enjoy the interest rate and will contribute this year's £4k LISA allowance using recently-matured regular savers.
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