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    Hi, I have just opened a Lifetime ISA but I also have a Help-to-buy ISA account that I have contributed to in this tax year. Unfortunately as I was so busy the last couple of week I missed the deadline to transfer in my help-to-buy ISA funds into my LISA account.

    Originally I planned on transferring my help-to-buy funds into my LISA account so the contributions I made AFTER 5 April 2017 counted towards my LISA allowance, which meant that I could only contribute up to around £1600 in my LISA account. I wanted to do this as the funds I saved in my help-to-buy ISA BEFORE 5 April 2017 didn't count towards my £4k allowance, effectively giving me extra money in the LISA account.

    My questions is that now that I've missed the deadline, the transfer is no longer possible, can I just directly transfer £4k of my help-to-buy ISA money into the LISA account as "new money". Not the official way of transferring ISA money but a bank transfer. I think it's possible as the yearly limit for an ISA is much higher (not talking about HtB ISA or LISA), but I'm just not sure whether it would still count my £2400 contribution (maximum contribution in a help-to-buy account) in the £4k allowance of a LISA account so I cannot use the full £4k allowance.

    I hope this makes sense and would appreciate the help if anyone knows anything about this.
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    These are very interesting products. They were only announced in the budget a year or two back but a lot of banks have been slow on the uptake.
    There is only one thing is very clear about them:

    If you think you might need access to that capital before purchasing a house/retiring - they're not for you.

    I gave them a good, long look as I recently set up a retirement account (well, at the grand old age of 24, who wouldn't?).
    However, as I think it's quite likely that I'll immigrate before I retire and I already bought my first home, I decided it probably wasn't worth it.

    As for your 4K question, the limit is £20,000 a year (as I'm sure you know) and you're free to move that around between ISAs as you see fit - I can't think why you couldn't put it in your Lifetime ISA product if that's what you wanted to do.
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    (Original post by Johnathan94)
    These are very interesting products. They were only announced in the budget a year or two back but a lot of banks have been slow on the uptake.
    There are only one thing is very clear about them:

    If you think you might need access to that capital before purchasing a house/retiring - they're not for you.

    I gave them a good, long look as I recently set up a retirement account (well, at the grand old age of 24, who wouldn't?).
    However, as I think it's quite likely that I'll emigrate before I retire and I already bought my first home, I decided it probably wasn't worth it.

    As for your 4K question, the limit is £20,000 a year (as I'm sure you know) and you're free to move that around between ISAs as you see fit - I can't think why you couldn't put it in your Lifetime ISA product if that's what you wanted to do.
    Thanks for your answer. The reason why I think I can't is because Skipton (the only place offering LISA accounts at the moment) set a hard deadline for HtB ISA transfers by 1 March 2018, which unfortunately has already passed and now they say transfers in are no longer possible. Unless, of course, that only applies to contributions I've made BEFORE 5 April 2017. This isn't very clear to me personally so I would appreciate the help if anyone knows about this.
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    (Original post by EWSW104)
    Thanks for your answer. The reason why I think I can't is because Skipton (the only place offering LISA accounts at the moment) set a hard deadline for HtB ISA transfers by 1 March 2018, which unfortunately has already passed and now they say transfers in are no longer possible. Unless, of course, that only applies to contributions I've made BEFORE 5 April 2017. This isn't very clear to me personally so I would appreciate the help if anyone knows about this.
    Ah, then I'm afraid I'm probably out of my depth in that case. Although just in case switching turns out to be your solution, Skipton isn't actually the only LISA product out there. Hargreaves Lansdown as well as some of these auto-portfolio companies (Nutmeg for example) are also offering them.

    Although having done a little research, here's your answer:
    http://www.bbc.co.uk/news/business-43216705
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    (Original post by Johnathan94)
    If you think you might need access to that capital before purchasing a house/retiring - they're not for you.
    Sorry to steal this thread but I just saw it and i'm looking at ISA's myself. I didn't quite understand what you meant by this statement. Could you explain again?

    Sorry I'm finding everything about ISA's very confusing and there seems to be a lot of jargon/technical terms making it hard to digest.
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    (Original post by dylantombides)
    Sorry to steal this thread but I just saw it and i'm looking at ISA's myself. I didn't quite understand what you meant by this statement. Could you explain again?

    Sorry I'm finding everything about ISA's very confusing and there seems to be a lot of jargon/technical terms making it hard to digest.
    Hi,

    What I was referring to there are the very steep penalties that are applied for early withdrawal in the case Lifetime ISAs.
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    (Original post by dylantombides)
    Sorry to steal this thread but I just saw it and i'm looking at ISA's myself. I didn't quite understand what you meant by this statement. Could you explain again?

    Sorry I'm finding everything about ISA's very confusing and there seems to be a lot of jargon/technical terms making it hard to digest.
    On a Lifetime ISA, you lose something like 6% of your initial investment if you withdraw early because of the way the government bonus is calculated. A Help to Buy ISA does not have this penalty as the bonus is paid out when you close the account (but this means you can't earn interest on the bonus amount either).
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    Which banks actually do the lifetime ISA?
    Im with 2 banks (one for my current account and one for my savings accounts) and none of them seem to do it.
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    (Original post by Emma:-))
    Which banks actually do the lifetime ISA?
    Im with 2 banks (one for my current account and one for my savings accounts) and none of them seem to do it.
    Skipton Building Society is currently the only provider for cash LISAs. There are several stocks & shares LISAs available though, you can see a breakdown of them here: https://www.moneysavingexpert.com/sa...bestbuysstocks
 
 
 

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