We will pay your annual tax-free interest into your Lifetime ISA on 5 April each year.
Every April, we’ll send you a statement telling you how much interest you’ve earned, the rates that have applied to your account over the last year and the current rate of interest.
Paying money in
Customers may deposit up to £4,000 each year. This count towards your £20,000 ISA allowance for this tax year.
The minimum amount to open an account is £10 in cash.
Transfers in from other ISAs including another Lifetime ISA are not permitted.
Taking money out
Penalty-free withdrawals include:
For any other withdrawals (including transfers out to a non-Lifetime ISA product) after your 30 day cooling-off period a 25% withdrawal charge will be applied. This means that, where the withdrawal charge applies, as well as paying back the Government bonus payments, you will also lose some of your own savings and receive back less than you invested.
- the purchase of your first property (you must have held the account for more than 12 months)
- once you reach your 60th birthday
- you are diagnosed with a terminal illness and has less than 12 months to live (evidence required)
- in the event of your death
How to open
To open an account you must:
- Be a UK resident
- Saving for your retirement or your first home
- Be aged between 18-39
- Have £10 cash to open the account
- Provide us with your National Insurance number
- Meet our ID requirements and the HMRC eligibility checks
Call your local branch and speak to one of our advisers and find out how you could benefit from a Lifetime ISA.