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Transferring LISA
byeo
Posts: 37 Forumite
I'm looking into moving my LISA from Skipton BS to Moneybox given their interest rate is better. Before I do so, I'd just like to confirm something.
As I'll be opening a new LISA with another bank, will the "must be open for 1 year" rule come back into force? I've had my LISA open with Skipton since 2018 so I can now use it to buy a house. Would I now need to wait another year if I opened one with Moneybox?
As I'll be opening a new LISA with another bank, will the "must be open for 1 year" rule come back into force? I've had my LISA open with Skipton since 2018 so I can now use it to buy a house. Would I now need to wait another year if I opened one with Moneybox?
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Comments
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I'm looking into moving my LISA from Skipton BS to Moneybox given their interest rate is better. Before I do so, I'd just like to confirm something.
As I'll be opening a new LISA with another bank, will the "must be open for 1 year" rule come back into force? I've had my LISA open with Skipton since 2018 so I can now use it to buy a house. Would I now need to wait another year if I opened one with Moneybox?
No. The original opening date will still apply. You must, obviously, ask the new LISA provider to do the transfer for you.1 -
For peace of mind you may also want to keep a printed statement from the old provider showing how long the account was open as evidence in case the new provider incorrectly applies the penalty when your solicitor requests the withdrawal.1
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