Newcastle Cash Lifetime ISA (Issue 3)
The Lifetime ISA is designed to reward people who are saving for their first home and those who are saving towards retirement, with an interest rate of 0.35% plus a 25% government bonus.
Please note: You will only receive the government’s 25% bonus if you go on to use the savings in your Lifetime ISA towards the deposit on your first home and/or towards your retirement after saving for a minimum of 12 months.
If you make a withdrawal not connected to these two events then a 25% penalty will apply to the amount you withdraw. This will recover the government’s bonus and you will get back less than you have saved.