A Lifetime ISA (LISA) is a relatively new product, introduced in April 2017. Designed for the under 40's, any UK resident aged between 18 to 39 years old, can save and invest up to £4,000 per annum in a tax free environment.
Unlike a standard ISA, a LISA is subject to a government bonus of 25%, whereby the government contribute up to £1,000 for every £4,000 that you invest each year, on the provision that you then withdraw the money as means for retirement from the age of 60.
You can also benefit from the government bonus should you choose to put the money towards the purchase of your first property, up to the value of £450,000.
Back to Savings