Your future with OneFamily

Your Lifetime ISA will be moving to a new manager.

In July 2020, The Share Centre became part of interactive investor. Unfortunately, they do not offer Lifetime ISAs, so interactive investor have taken the decision to move the administration and management of your account to OneFamily.

What is happening?

  • On 12 May 2021 we emailed you to explain what will be happening.
  • On 3 July 2021, your account will move from The Share Centre to OneFamily.
  • The investments in your account will change, please read the key changes to your Lifetime ISA document to learn about what is changing.
  • If you would prefer to transfer to a company of your choosing, please contact them and ensure we have the instructions by 18 June 2021.

About OneFamily

OneFamily is an award-winning financial services company with over 40 years’ experience in helping customers save for the future. It looks after over 2 million accounts, with access to a range of investments including their exciting new climate friendly funds.

Key facts about OneFamily

  • Over 2 million customers and over £7 billion worth of family’s money cared for
  • Over 40 years' experience and experts in children's and young people's investments
  • £3.5 million to support our customers and communities since 2015
  • Responsible investments through climate-impact funds

Award-winning financial products

OneFamily help families thrive with great financial products for children and adults, receiving 5-star recognition from Defaqto, Moneyfacts, Your Money and more...

What will you need to do?

Your account will transfer to OneFamily on broadly the same terms and conditions as you have with us and your total ongoing charges will stay the same. But there are some changes you should be aware of:

Key changes to your Lifetime ISA

PLEASE NOTE OneFamily do not offer the same fund options you may be invested in now, so your investments will be sold on 28 June 2021. OneFamily will then invest the proceeds, including any cash you might currently hold, into your new fund on 5 July 2021. You will not be invested for a few days and if the markets rise you will not benefit from that growth.

If you are happy with the changes then you do not need to do anything and we will move your account to OneFamily on 3 July 2021. You can access OneFamily’s Terms and Conditions, the Key Features, Fund Factsheet and the Key Investor Information Documents here.

Transferring to a different provider

If you prefer not to move to OneFamily you can transfer to another Lifetime ISA manager, free of charge. Contact a new manager with your details and they'll do the rest.

We need to have received your instructions from your chosen Lifetime ISA manager by 18 June 2021. It may take up to 30 days to complete a transfer so you should contact your chosen manager as soon as possible. If we do not hear anything by 18 June 2021 we will move your account to OneFamily. You can transfer out from OneFamily at any time

Want to learn more about Lifetime ISAs and how they work?

Step by step guide

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Date
Information
12 May 2021 We have emailed you with details about the move.
16 June 2021 Your last Direct Debit will be taken if you have an instruction set up.
18 June 2021 If you wish to move to a new provider, this is the day we need to have received your instructions from them.
29 June 2021 The last day that you can make a debit card payment into your account.
3 July 2021 Your account will move to OneFamily.

Questions & answers

We will continue to invest all Direct Debits collected in May but any cash received in June will not be invested and will be included in the cash transferred to OneFamily as part of the move.

OneFamily will then write to you at least 10 days before your direct debit is collected to confirm your updated details.

We will make your bonus claim on payments made to your account up to the 5 June 2021. Payments between 6-29 June 2021 will be paid on to your account and the bonus claim will be applied by OneFamily after the move takes place.

There will be no charge to transfer your Lifetime ISA provider.

OneFamily do not offer the same fund options you are currently invested in, therefore your investments will be sold on 28 June 2021. All cash, including any sale proceeds will be transferred as part of the move and invested immediately into one of the OneFamily funds.

Yes, however you will be subject to a 25% penalty charge enforced by HMRC, as this is classed as an unauthorised withdrawal.

You'll need to call our Customer Service team on 01296 41 41 41 (8:00am-4:30pm weekdays).

Yes, however this is dependent on your own personal circumstances for the tax year. You will be subject to a 25% penalty charge enforced by HMRC, as this is classed as an unauthorised withdrawal.

You'll need to call our Customer Service team on 01296 41 41 41 (8:00am-4:30pm weekdays).

As your account is empty it will not be transferring to OneFamily and will be closed. However, if your house purchase does not complete your conveyancer can contact OneFamily to arrange for the cash to be returned to your account under their management. We will also notify your conveyancer of the change in provider.

Any cash or investment in your account will transfer to OneFamily. Please note that if your house purchase does not complete, your conveyancer will need to contact OneFamily to arrange for the cash to be returned to your account under their management. We will also notify your conveyancer of the change in provider.

If your house purchase has failed before the 3 July 2021, your conveyancer will need to contact us to arrange the return of the cash to your account. If the failure occurs after this date, your conveyancer will need to contact OneFamily directly and they will recreate your account and allow the cash to be returned. Please note we are writing to your conveyancer seperately to notify them of the change to OneFamily.

OneFamily are unable to accept an empty account and since you are over 40 you are not eligible to open a brand new account under ISA regulations. If you want to keep it open you will need to make a new payment into your account, it will then be included in the move. If we do not receive a payment we will close your account.

Alternatively, you can arrange to transfer your account to a different provider. We will need to have received an instruction from them by 18 June 2021.

You will continue to be protected by the Financial Services Compensation Scheme (FSCS) and you can find details in the key features document here OneFamily.com/share.

The Share Centre and OneFamily do not provide advice. We can only provide factual information about the move. If you are not sure what to do after reading this information, we recommend you seek professional advice. An adviser may charge for this.

If you notify us before the move and we receive the relevent documentation needed, the account will not move and we will process the account in line with ISA regulations.