OneFamily has announced a deal with interactive investor that will see the Brighton-based mutual welcoming The Share Centre’s 1,500 Lifetime ISA customers to its books in what is thought to be the first transfer of its kind in the industry.
The transfer of accounts, which will come into effect on 3 July 2021, follows interactive investor’s acquisition of The Share Centre’s business in July last year. Interactive investor does not offer lifetime ISAs and sought a provider to take on this area of the business. It comes in the wake of The Share Centre’s recent transfer of 83,000 child trust fund customers to OneFamily, which is a market leader in child tax efficient investments.
A lifetime ISA is designed to build savings for a first home or retirement. Savers can invest up to £4,000 each year and receive a 25% tax free government bonus of up to £1,000 annually. OneFamily’s stocks and shares-based Lifetime ISA invests in forward-thinking climate-friendly companies that are committed to reducing their impact on the environment.
Paul Bridgwater, OneFamily’s Head of Investments said, “We’re pleased to have been chosen by interactive investor as the new home for The Share Centre’s Lifetime ISAs in the industry’s first ever bulk transfer of lifetime ISA accounts. We’ve a strong heritage of partnering with other organisations to support investment propositions and are always looking for opportunities to help partners in this area.
“As we welcome our new customers, we’re going to let them know that we’re here to support them as they plan for their futures – whether that’s in saving for their first home or for their retirement. The added bonus in switching to OneFamily is that as they continue to build up their savings with us, they are also going to be looking after the planet.”
Richard Wilson, CEO of interactive investor, said, ““We believe we have found a good home for Share Centre LISA accounts, and customers will be best served by a specialist provider. Those who want to transfer to a different provider can do so without penalty.
“The transfer will allow us to continue to focus on enhancing our core offerings. We remain concentrated on building a best-in-class customer experience, that is unrivalled in value and a trusted source of impartial information.”
To find out more about OneFamily’s Lifetime ISA, visit www.onefamily.com/lifetime-isa/