When to switch to LISA?
Discussion
I’ve currently got a help to buy isa, which I put the full £200 a month aloud into, I’m looking to buy a house within the next 2 years.
I’ve opened a LISA, and up too 1st March I can transfer my HTB into the LISA. And that money doesn’t go towards the years limit.
The HTB pays 3.5% interest per year. Where as the LISA is 0.5, however you can save more in the Lisa, and you get the bonus paid monthly from April onwards VS yearly on the HTB
So am I right in saying that even though il be loosing 3% interest on the 2400 you can save in a year I will still be better off saving at 0.5 but getting 25% of £4000 (5600 in the first year) from the LISA?
Assuming I put the £1600 I have now into the Lisa before the closure date will I then get 25% of that come the new tax year?
I will be able to put the full £400 a month aloud into the LISA too.
Skipton is the LISA provider
I’ve opened a LISA, and up too 1st March I can transfer my HTB into the LISA. And that money doesn’t go towards the years limit.
The HTB pays 3.5% interest per year. Where as the LISA is 0.5, however you can save more in the Lisa, and you get the bonus paid monthly from April onwards VS yearly on the HTB
So am I right in saying that even though il be loosing 3% interest on the 2400 you can save in a year I will still be better off saving at 0.5 but getting 25% of £4000 (5600 in the first year) from the LISA?
Assuming I put the £1600 I have now into the Lisa before the closure date will I then get 25% of that come the new tax year?
I will be able to put the full £400 a month aloud into the LISA too.
Skipton is the LISA provider
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