Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • JustJustin
    • By JustJustin 17th Apr 18, 9:43 AM
    • 1Posts
    • 0Thanks
    JustJustin
    Skipton closed account without telling me and I missed out on LISA bonus - should I be complaining?
    • #1
    • 17th Apr 18, 9:43 AM
    Skipton closed account without telling me and I missed out on LISA bonus - should I be complaining? 17th Apr 18 at 9:43 AM
    I'll keep it short. I opened a Skipton LISA last summer and didn't pay into it until late March 2018.

    I think at the time the bank staff said I could leave it until I was ready to pay in, but I couldn't swear on my life about this.

    When I did try to transfer money, they returned my payment because the account was 'closed or on notice to close'. Quite a surprise to me.

    I called them up and apparently if you leave an account with no balance for 30 days they close it...!

    I didn't get a letter, or email warning me about this. I expect it was in their Ts&Cs (haven't checked yet), but I've missed out on the £750 future bonus now on my £3k, so I'm fuming!

    Then again, maybe it's just hard cheese, my mistake, it's in the terms and conditions, and I wouldn't get anywhere by complaining.

    What do you think. Any point escalating this?
    Last edited by JustJustin; 17-04-2018 at 9:47 AM.
Page 1
    • stevenhp1987
    • By stevenhp1987 17th Apr 18, 9:53 AM
    • 695 Posts
    • 545 Thanks
    stevenhp1987
    • #2
    • 17th Apr 18, 9:53 AM
    • #2
    • 17th Apr 18, 9:53 AM
    Why did you not deposit £1 to start the 12-month clock? Most accounts do require an actual deposit to be fully opened.

    If you think the bank staff said that, then raise a complaint, they'll have call recordings. If they didn't then don't hold out any hope.

    You can still open it and put in £4k for this tax-year (and again at the beginning of the next tax year), you cannot use it until the next tax year now anyways.
    • aj23
    • By aj23 17th Apr 18, 9:56 AM
    • 713 Posts
    • 242 Thanks
    aj23
    • #3
    • 17th Apr 18, 9:56 AM
    • #3
    • 17th Apr 18, 9:56 AM
    It wouldn't let me open mine unless I deposited at least £1. I didn't think you could open it on zero (not that I see why you would).
    • Alexland
    • By Alexland 17th Apr 18, 10:08 AM
    • 3,093 Posts
    • 2,434 Thanks
    Alexland
    • #4
    • 17th Apr 18, 10:08 AM
    • #4
    • 17th Apr 18, 10:08 AM
    Yes I am not entirely sure how you even managed to open the account without an initial deposit?

    Its always worth ensuring there is enough time to resolve any unexpected difficulties when making contributions near the end of a tax yer.
    • eskbanker
    • By eskbanker 17th Apr 18, 11:17 AM
    • 7,975 Posts
    • 8,876 Thanks
    eskbanker
    • #5
    • 17th Apr 18, 11:17 AM
    • #5
    • 17th Apr 18, 11:17 AM
    I expect it was in their Ts&Cs (haven't checked yet), but I've missed out on the £750 future bonus now on my £3k, so I'm fuming!

    Then again, maybe it's just hard cheese, my mistake, it's in the terms and conditions, and I wouldn't get anywhere by complaining.

    What do you think. Any point escalating this?
    Originally posted by JustJustin
    To be fair, I've just had a quick read through https://www.skipton.co.uk/~/media/skipton-co-uk/pdf/savings/online-cash-LISA-terms-and-conditions.ashx and don't see any reference to a requirement to fund within 30 days, but suspect that this will have been stated in the account opening confirmation documentation, i.e. something along the lines of 'your account has now been opened and you now need to fund it within 30 days'.

    Check your confirmation and see how explicit it was to see if you have any cause for complaint....
    • AimHigh
    • By AimHigh 17th Apr 18, 1:50 PM
    • 130 Posts
    • 49 Thanks
    AimHigh
    • #6
    • 17th Apr 18, 1:50 PM
    • #6
    • 17th Apr 18, 1:50 PM
    Sorry to be the bearer of bad news but I just went back and had a quick look at the docs they provided upon the opening of my account (replica of docs you're required to read during application process) and they state the following in the Ts&Cs under '2. Operation of the account':

    2.13 The account opening date is the date that we receive your first payment. This is the date your 12 month period starts if you want to make a withdrawal for a first house purchase. If we don't receive your first payment within 30 days of application, the account will be cancelled.
    • eskbanker
    • By eskbanker 17th Apr 18, 2:24 PM
    • 7,975 Posts
    • 8,876 Thanks
    eskbanker
    • #7
    • 17th Apr 18, 2:24 PM
    • #7
    • 17th Apr 18, 2:24 PM
    I just went back and checked those Ts & Cs I linked earlier and they're different! The relevant clause is 2.11 rather than 2.13 and does include cancelling unfunded accounts but specifies 60 days rather than 30....
    2.11. The account opening date is the date that we receive your first payment. This is the date your 12 month period starts if you want to make a withdrawal for a first house purchase. If we donít receive your first payment within 60 days of application, the account will be cancelled.
    • AimHigh
    • By AimHigh 17th Apr 18, 2:57 PM
    • 130 Posts
    • 49 Thanks
    AimHigh
    • #8
    • 17th Apr 18, 2:57 PM
    • #8
    • 17th Apr 18, 2:57 PM
    I just went back and checked those Ts & Cs I linked earlier and they're different! The relevant clause is 2.11 rather than 2.13 and does include cancelling unfunded accounts but specifies 60 days rather than 30....
    Originally posted by eskbanker
    Huh, interesting that.. I opened my account in October so perhaps they've changed them since then?

    Edit: either way, seems the OP is well beyond 60 days unfortunately
    • Invisibru
    • By Invisibru 18th Apr 18, 12:53 PM
    • 3 Posts
    • 0 Thanks
    Invisibru
    • #9
    • 18th Apr 18, 12:53 PM
    • #9
    • 18th Apr 18, 12:53 PM
    I don't know if they've changed their policy since you opened your account, but I received multiple emails after opening my account in early March 2018 with the following message:

    "Thank you for applying for an Online Cash Lifetime ISA with us. We've noticed you haven't paid into your account yet. To take advantage of the benefits of an Online Cash Lifetime ISA you need to make an initial deposit within 30 days of your account application, which you can do with as little as £1.


    It's important to note that if you don't make a deposit within 30 days of your application, your application will be cancelled and you won't have subscribed to a Lifetime ISA for the 2017/18 tax year."


    If you believe you were specifically told you could leave it open though with no initial payment, it might be worth trying to take StevenHP's advice and get the recording of your call (If that kind of thing is possible).


    Best of luck!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,246Posts Today

8,671Users online

Martin's Twitter
  • RT @Dora_Haf: @MartinSLewis So many people on here saying they're great until you get your PROPER job. What if Your proper job Is ON zero?

  • RT @hslt88: @MartinSLewis I?m a trustee for a youth charity. We only have a limited pool of funds for flexible youth workers for holiday sc?

  • RT @Dan_i_elle_88: @MartinSLewis Loved working zero hour agency care work. Never out of work and I loved having the flexibility! Only left?

  • Follow Martin