Leading savings technology and service platform, Newcastle Strategic Solutions, has developed its capability to accept Lifetime ISA transfers – both cash and stocks and shares LISAs that have been converted to cash.
Newcastle Strategic Solutions is part of the Newcastle Building Society Group and manages savings accounts on behalf of some of the UK’s leading retail savings providers. It supports the full range of retail savings products available across the UK today. This recent move to further broaden its product offer to include LISA transfers, having launched the LISA offering in October 2018 will, it believes help bring additional competition to the Lifetime ISA market.
Savers will have the option to transfer from their current LISA provider using their online savings account. Any LISA transfers need to be made in entirety rather than in portions, and normal ISA rulings apply.
Phil Grand, managing director of Newcastle Strategic Solutions, said: “Following the successful launch of our Lifetime ISA capability, we’re pleased to be able to provide more choice for our clients by accepting Cash LISA transfers.
“Providing our clients with the option of a Lifetime ISA via our platform enables them to access a broader range of products and build relationships with a wider range of customers.
“Through our growing data we are starting to understand more about LISA customer expectations, behaviours and demographics. The LISA product is attracting a younger saver, mainly under 30 years old, who prefer to contact us via online channels.”
The tax free Lifetime ISA can help first time buyers saving for a deposit, and those saving for retirement, attracting a 25% Government bonus on amounts saved each tax year to a limit of £4,000 per year (£1,000 bonus). Savers will only receive the Government’s 25% bonus if they go on to use the savings in their Lifetime ISA towards the deposit on their first home and/or towards their retirement. If savers make a withdrawal not connected to these two events then a 25% penalty will apply to the amount withdrawn. This will recover the Government’s bonus and savers will get back less than they have saved.
Newcastle Strategic Solutions offers a fully managed, end to end savings service or a flexible systems only solution; from initial on-boarding and launch, through to ongoing account management. The responsive outsourced service is underpinned by an agile savings platform. Constructed through API technologies, it delivers an integrated internet banking platform with automated account opening functionality.
The business continues to invest in its systems to help its partners succeed in a digitalised future and ensure that customers can securely manage their savings online.