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Your questions answered about the Lifetime ISA. If you have a question that you can't find below, you can learn more about the Lifetime ISA or ask BeeBot.
A Lifetime ISA or LISA (pronounced lie-sa) is a tax-free savings account and Government scheme designed to help you save for two of life’s big milestones: your first home and/or retirement. It works like this.
For every £4 you save – up to an annual total of £4,000 – you’ll get another £1 from the Government. That means you could earn up to £1,000 every year until you turn 50. And that’s not including the interest on top, which you won’t have to pay tax on either.
You’ll need to be a UK resident aged 18-39. Once you've opened your LISA, you can keep adding money right up until your 50th birthday. After this, the Government bonus stops, but you’ll keep earning interest on the savings. Then, after the age of 60, you can withdraw the funds.
No, unlike other types of ISA, you can’t have more than one Lifetime ISA at any time. If you want to change to a Lifetime ISA with a different provider you’ll need to transfer your balance over. Once complete, your old provider will close your LISA with them.
Yes. Full transfers from a single LISA provider are permitted for applications to our Lifetime ISA of any balance.
