What’s a Lifetime ISA?
Here are the Lifetime ISA need-to knows:
- A LISA can be opened by anyone aged 18-39.
- You can save up to £4,000 a year.
- You get a 25% state bonus paid on top (up to a maximum of £33,000).
- You’ll pay a penalty if you withdraw the cash for anything other than your first home or before you turn 60.
For first-time buyers a cash LISA can be used towards the purchase of a property worth up to £450,000.
If you’re using it to save for retirement, you can save in it until the day before your 50th birthday, and withdraw the cash and bonus when you turn 60.
For more details, see our full Lifetime ISA guide.
What do we know about this new LISA?
Nottingham’s LISA will be available from Tuesday to open in one of its 67 branches.
Other account features include:
- It can be opened with £10.
- Interest is paid annually.
- You won’t be able to transfer into your LISA from any existing Lifetime or Help to Buy ISAs.
Jenna McKenzie-Day, the building society’s senior product manager for savings, said the Lifetime ISA has been one of its “most talked about savings products”.