Transfer to a OneFamily Lifetime ISA

It depends.

If your money is already in a lifetime ISA held with another provider, transferring it to OneFamily’s Lifetime ISA won’t affect your annual lifetime ISA allowance (which is £4,000).

However, you won't receive the government bonus on the money you transfer as this will have already been paid.

If the money is currently in any other type of account (such as an ISA or a matured children’s savings account), any money you transfer into a lifetime ISA will count towards the current tax year’s lifetime ISA allowance.

But, you will receive the government bonus on the money you transfer in.

Once we’ve received your transfer request, we’ll complete the transfer in up to 30 days.

We’ll let you know as soon as the transfer’s completed.

You’ll be able to create an online account when you open your lifetime ISA. This means you’ll always be able to see how much your investments are worth and how the fund is performing.

You can also log in to set up a Direct Debit, make one-off payments and withdraw money.

The main difference is how they make money.

Cash lifetime ISAs earn interest, like some savings accounts do. The value can’t go down but how much they grow depends on interest rates (as well as the government bonus, of course).

There is a risk that the money in a cash lifetime ISA may not go up as much as inflation does (if inflation is higher than the interest rate you're getting). So, the spending power of your money might fall.

Stocks and shares lifetime ISAs, like our Lifetime ISA, invest in funds that buy investments, for example shares in companies. The value of the money in the fund changes depending on the value of those investments (as well as the government bonus).

So, there’s greater potential for your money to grow in a stocks and shares lifetime ISA, especially over the long-term, but there is a risk that the value could go down and you could get back less than you put in.

Learn more about the differences between cash and stocks and shares lifetime ISAs .