Lifetime ISAs explained
Our Lifetime ISA is an Individual Savings Account that gives you a 25% Government bonus on payments into the account each month, up to a maximum balance of £4,000 annually and you don’t pay tax on your interest.
The Lifetime ISA is only suitable for savers planning to buying their first home or who are saving later life as there are penalties for withdrawing it for any other reason, unless you’re diagnosed with a terminal illness. It is a Government initiative to support first time buyers on to the ladder and also to help you save towards your retirement.
Before applying for a Lifetime ISA please read the Key Feature Document and Key Product Information including terms and conditions.
Below we aim to answer all the burning questions you might have about Lifetime ISAs.
Who is eligible for a Lifetime ISA?
Is a Lifetime ISA right for me?
How much can I save with a Lifetime ISA?
Can I have multiple Lifetime ISAs?
I already have a Cash ISA - is that okay?
What happens if I change my mind?
What's the interest rate for the Lifetime ISA?
When can I withdraw from my Lifetime ISA?
What if I need to withdraw my money?
Can I have a joint Lifetime ISA?
How do I apply for a Lifetime ISA?
How do I withdraw from my Lifetime ISA when I buy my first home?
What's the definition of a first time buyer?
Is a Lifetime ISA a good way to save for my retirement?
What if I want to retire later?
What happens if I become ill?
Which provider should I choose to open my Lifetime ISA with?
If you have any further questions, the government has created a wealth of content around the Lifetime ISA product – simply visit lifetimeisa.campaign.gov.uk. Alternatively find your nearest Nottingham Building Society branch and pay them a visit.
You can view the Lifetime ISA product here.