I would like to switch to a S&S LISA but I am over 40

09 January 2023

Question by Marek

Hi I would like to ask a question about LISA. I am 42 year old and opened a Cash LISA account 3 years ago with the view of the retirement investment. I would like to switch to a S&S LISA but found it impossible to do as I am over 40 and you can’t transfer your LISA between providers! Would you give any advice?

Answered by Samantha Secomb

Hi Marek

Yes! You can swap your Cash LISA for a Stocks and Shares LISA super easily. Hooray! However, not all LISA providers will be happy to let you make the switch, so you’ll need to find one that’s happy to sort you out.

You can either transfer your ISA to another one of the same type (for example, swapping a cash ISA for another cash ISA). Or, you can change the type of ISA you have when you transfer it (for example, swapping a Stocks and Shares ISA for a Cash ISA, which would involve selling your investments and putting the cash value of them into a new Cash ISA).

Anyway, here’s some good news for you: transferring a LISA is exactly the same! So, it should be easy to swap your Cash LISA to a Stocks and Shares LISA or vice versa. You just have to find a new ISA provider you fancy switching to, and then ask them to transfer your ISA for you. As long as they accept ISA transfers, you can just sit back and let them handle it all for you.

There’s just one problem: not all providers are happy to accept ISA transfers. And even fewer will be happy to transfer a Cash LISA into a Stocks and Shares LISA.

I have done some digging around and found that AJ Bell will allow you to transfer an existing Cash LISA into one of their Stocks and Shares LISAs.

Good luck!

Answered by

Samantha Secomb

Chartered Financial Planner, FPFS

On a mission to make unbiased financial advice relevant and accessible to women.