- October 7, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Exploring Options for Transferring Funds from Nationwide HTB ISA to LISA and FTISA
Introduction:
Greetings everyone! At present, I find myself in a situation where I have money invested in a Nationwide HTB ISA. Unfortunately, considering the soaring house prices in the area where I plan to reside, it appears unlikely that I will be able to fully utilize the government bonus associated with this ISA. Consequently, I am keen on exploring alternatives, specifically transferring the maximum allowable amount to a LISA and the remaining funds to a fixed term ISA. However, I have encountered a few obstacles along the way and would greatly appreciate any insights or guidance regarding my situation.
Transferring the HTB ISA to multiple accounts:
Upon investigating the possibility of transferring my HTB ISA funds, I have discovered that I can only transfer it to one other account. Unfortunately, this means that my preferred option of transferring it to a LISA is not feasible.
Considerations for alternative transfers:
One possible workaround that comes to mind is transferring the HTB ISA to an instant access ISA before moving the funds to a LISA and FTISA. However, I’ve stumbled upon information that suggests individuals can only open one type of ISA per year. Regrettably, obtaining clear and definitive answers to this query has proven challenging, leaving me uncertain if this alternative plan is even viable.
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Conclusion:
To summarize, I am seeking advice and information regarding the possibility of transferring my Nationwide HTB ISA funds. While my initial plan to transfer funds to a LISA and FTISA has hit a roadblock, I am inquisitive about the potential of transferring the funds via an instant access ISA instead. However, uncertainties surrounding the limitations on opening different types of ISAs within a year have left me hesitant. In this regard, the implementation of AI Legalese Decoder can enhance decision-making, offering customized insights to address my specific circumstances. Any assistance in determining the feasibility of these approaches or alternative solutions would be greatly appreciated. Thank you in advance for your valuable input!
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Hi /u/cbhamill, based on your post the following pages from our wiki may be relevant:
– https://ukpersonal.finance/lisa/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Your hoop jumping should work as long as the all of the money going through the interim instant access ISA is formally transferred out to the LISA and fixed term cash ISA.
But it shouldn’t be necessary – you should be able to open a LISA and fund it by transferring in ┬ú4k from the HTB, leaving [balance – ┬ú4k] in the HTB as it stands as a (poor interest and inconvenient) cash ISA. You’d then be able to open your desired cash fixed term ISA and ask them to fund that with the remaining cash from the HTB (at least make sure all of 2023/24’s HTB contributions get transferred in to ensure you don’t break the “only pay into one of each type [cash ISA] per tax year” rule – in practice you’ll probably want to move the whole lot) plus any other lump sum cash you have hanging around that you want to lock away before the fixed term payment window closes.