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The Lifetime ISA is designed to reward people who are saving for their first home and those who are saving towards retirement. The Lifetime ISA offers a competitive interest rate of 1.10%; plus a 25% government bonus.
The estimated balance after 12 months would be £1,011 assuming that:
The government will also pay a 25% bonus on your contributions each month which isn't included in this estimation.
Minimum Opening Deposit: £1 (this is also the minimum balance eligible for the 25% government bonus)
Maximum Opening Deposit: £4,000 (this is the maximum LISA subscription per tax year)
The account can only be opened online.
The account can be managed online, by telephone or by post.
The first payment into the account can be made by cheque, electronic payment (but not direct debit) from another UK bank or building society in the name of the account holder.
After your initial payment, you can also make investments by standing order.
You can deposit from £1 up to £4,000 each tax year before your 50th birthday.
Withdrawals or account closures before the age of 60 will incur a charge of 25% on the total funds - recovering the Government bonus, unless it's to buy your first home, you're diagnosed with a terminal illness or in the event of your death. You will also lose some of your own savings and will receive back less than you invested.
Tax Status: Interest will be paid gross*.
Your Lifetime ISA limit forms part of your overall ISA limit.
Please make sure you've read the terms and conditions before applying
It only takes a few minutes to complete your application online
It takes about 10 mins