Transferring a Lifetime ISA
Before transferring an existing Lifetime ISA to us, please remember:
- A Lifetime ISA can only be used by a first time buyer to purchase a home under £450,000, or for retirement from age 60
- There is a government penalty for withdrawing funds for any other purpose
- If using your LISA for retirement, you should be self-employed or already maximising contributions to a workplace scheme, otherwise you could miss out on employer contributions
- LISA savings could affect your entitlement to means-tested benefits
- This is a medium to long term investment so if you intend to purchase your first home within the next 3 years, you should consider whether a cash LISA may be more suitable
- Direct Debits or lump sum investments must be paid from a UK bank account
When you make a transfer online, please ensure you print, complete and return the Transfer form provided to us by post so we can process your transfer request. If you would prefer to complete the transfer process solely by post, please call us on 0800 988 2418 so we can email the forms you’ll need.
Please note that if you wish to transfer an ISA or Help to Buy ISA to us you must be aged 18 to 39 and you will need to open a new Lifetime ISA (LISA) using our online application which includes a transfer option.
Transferring a Lifetime ISA
What will I need to make a transfer online?
- Your HMRC Investor LISA ID
- Your National Insurance Number
Please note
During periods of extreme investment market volatility, we might need to apply a Market Value Reduction (MVR) when you withdraw some or all of the money in your plan in order to protect remaining members within our Order Insurance with profits Fund. A small proportion of plans that have invested in our fund in previous years have an MVR applied to them but no MVR is currently in place for plans taken out in 2023.
An MVR is an adjustment that can be applied to the value of your investment if you choose to cash-in or withdraw from your plan during volatile investment conditions, reducing how much you get back. It ensures that everybody gets their fair share of the returns from a with profits fund and is designed to protect members who do not take their money out of the fund during poor market conditions.
It’s important to remember that this savings plan is a longer-term investment, which is designed to be held over many years.
Past performance is not a reliable indicator of future results however stock market and alternative investments have historically tended to outperform money held in cash savings accounts, e.g. cash ISAs, over the longer term.
We do not offer financial advice. If you would like to speak to a Financial Adviser regarding the suitability of the LISA please do, however they may charge for their advice.
Once your transfer has been submitted, you will be sent information about your right to change your mind. You can read details of our cancellation and refund policy here.
We accept the following debit cards:
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