Can I have more than one LISA provider?
30 July 2021
Question by Shaaskul
Currently, I have my Lifetime Stocks and Shares ISA with AJ Bell. But since I make monthly contributions and do monthly fund trades - AJ Bell's £1.50 per fund trade deal is a bit cheeky and expensive for investors considering other provider do not charge for fund dealings. Can I open a new lifetime ISA with HL in the next tax year (April 2021) and continue with them for regular fund trades, however leaving the old one with AJ Bell as-is? There is not much choice for LISA from regular platforms apart from AJ Bell and HL.
Answered by Boring Money
You can open more than one Lifetime ISA if you are aged 18 and 39 and you can save up to £4,000 each tax year, every year until your 50th birthday. The government will pay you 25% bonus capped at £1,000 p.a. monthly on any contributions that you make. Funds can be withdrawn tax-free in order to buy your first home worth up to £450,000, and from age 60 for any purpose. However, you can hold Lifetime ISAs with more than one provider, but you can only pay into one Lifetime ISA each tax year. You may also transfer between providers, so it would be possible to combine your Lifetime ISA investments with the provider of your choice
Make sure that you understand and compare any fees and charges before investing your money with a different provider. Also, remember, your capital may be at risk and you may get less thank you put in.
By necessity, this briefing can only provide a short overview and it is essential to seek professional financial advice before applying the contents of this article. This briefing does not constitute advice or a recommendation.