LISA - lifetime ISA’s

J J

JASR

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1 Sep 2015
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Aged 18-39? Or know anyone that age?
Not got a house?
Got a LISA (lifetime ISA)?
No? Then open one, any one, for a £1. Just open one!

You put in between £1-£4000 per year, the govt will pay interest on what you put in (in that year) at 25%!

You also earn whatever the interest rate of LISA is (best is currently 1.4%) on the money and interest previously paid in.

What’s it for? Either to help buy your ((1st) house, or as money for retirement at 60+

https://www.moneysavingexpert.com/savings/lifetime-isas/
 
Daughter (18) opened an ISA just recently with Skipton. Seems an easy win to get 25% contribution as long as you keep the money in the account.
 
simmo said:
Daughter (18) opened an ISA just recently with Skipton. Seems an easy win to get 25% contribution as long as you keep the money in the account.
Click to expand...
As long as people aged up to 40, just open one, now, with a £1, they can then work out what to do with it later.
 
Yeah but you can't take any money out until you're 60 without paying a penalty.

There are better ways to earn £1000
 
daughter used its predecessor to help with her mortgage deposit, if you have a plan its worth it
 
Help to Buy ISA was not a predecessor.
It ran alongside the Lifetime ISA until it was withdrawn recently.
It couldn’t actually be used for a deposit because you couldn’t access it until you exchanged.

The jury’s out whether a LISA is as good as a SIPP.
 
denislawsbackheel said:
Help to Buy ISA was not a predecessor.
It ran alongside the Lifetime ISA until it was withdrawn recently.
It couldn’t actually be used for a deposit because you couldn’t access it until you exchanged.

The jury’s out whether a LISA is as good as a SIPP.
Click to expand...

The two overlapped by a couple of years, but it was a replacement (assuming the press are correct)

"Why the Help to Buy ISA is being stopped and when it ends - The Help to Buy ISA closes to new savers on 30 November 2019. This is to be replaced by the Lifetime Isa or LISA, a similar product for first-time buyers or those saving for retirement. If you manage to get your foot in the door (with up to £1,200), however, you’re able to keep saving until November 2029, and claim your cash bonus from the government until November 2030."

They kept the fact you couldn't claim until you'd exchanged out of the advertising, caused a few problems for some people, fortunately we were able to front the money for our daughter
 
Can’t see how they were a replacement.
Help to Buy ISA introduced Dec 2015 to help people with house purchase
LISA introduced April 2017 to help with house purchase but also as an alternative vehicle to a pension for retirement saving
The LISA is a completely different product, with completely different terms and conditions, completely different interest rates and completely different limits. you could withdraw your help to buy ISA penalty free. Withdraw a LISA for reasons other than intended and you don’t even get back the money you put in.
Also, talk of a replacement implies Osborne had a coherent plan.
He didn’t.
 
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