Bees

Help to Buy: ISA calculator

30.07.2021

By Beehive Money

help-to-buy-isa-calculator

We're sorry but the Help to Buy: ISA has been withdrawn and no more accounts can be opened. 

If you're a first-time buyer or looking to save for your retirement, there's another account which offers an annual 25% Government bonus on your savings up to £1,000 per tax year. It's called the Lifetime ISA, an account that's available to UK residents aged 18-39. You can save a maximum of £4,000 per tax year meaning for every £4 you save you'll be awarded £1 by the Government.

Our Homebuyer Lifetime ISA could be a good option if you're saving towards your first home. Supercharge your deposit savings and you could move in sooner than you think. Then once you're ready to buy your home, you can access expert mortgage advice through our app. 

If you’re thinking about planning your long-term financial security, take a look at our Retirement Lifetime ISA. Save up to £4,000 each tax year and earn Government bonuses until you turn 50. After that, the account will remain open and keep earning interest until you can start withdrawing when you turn 60. It’s not the only way to save for retirement though, so you might think about getting financial advice to explore your options.

For both accounts, you can’t withdraw money for pretty much any other reason than your first home deposit or once you turn 60 – and if you do, you’ll have to pay a 25% Government withdrawal charge.


Open an account in our app

Ready to get started? Install the Beehive Money app and sign up to be added to the waiting list. You can sign up for news and updates here too!

Once you have access to your Beehive account, log in and select the Homebuyer or Retirement Lifetime ISA and complete the application form. 

You’re more likely to achieve your dream if you set goals. Our goal tracker will show you when you've hit important milestones to help motivate you to save for a brighter retirement.