Lifetime ISA rules on switching LISA providers as interest rates slashed on savings | Personal Finance | Finance

Otherwise, a charge would be applicable, which aims to recover the government bonus on the original savings.

Currently, the charge is 20 percent following a change made by the government made during the coronavirus crisis.

It is set to go back up to 25 percent on April 6, 2021.

It’s possible to transfer Lifetime ISAs, as Rachel Springall, Finance Expert at Moneyfacts, explained.

She told “Lifetime ISA transfers work similarly to other ISAs transfers, so savers must ensure they transfer between providers and not attempt to withdraw funds themselves to move elsewhere.

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