Isa guide

Who can get one? UK residents aged 16 and over. UK residents aged 18 and over. UK residents aged 18 to

Isa guide

We find out more about it, and answer some key questions, below. What is a Lifetime ISA? It's a little different to a traditional cash ISAhowever: It can be opened by someone between the ages of 18 and Once in your account it counts as your own Isa guide, too, which means you can earn interest on the bonus.

You can continue saving into it after the Isa guide of 50, but you won't receive the bonus after that point. It's designed to be an ISA for first-time buyers or retirement savers, and can only be used for one of these purposes - you'll be charged a penalty if you want to withdraw the funds for anything else.

What’s new for ISAs?

What can I use it for? In the case of the former, you can use the money to buy your home at any time, provided you've held the LISA for 12 months or more, and that it's for a residential property in the UK.

There'll be no tax to pay when you take the money out. It's worth noting that the money will go straight to a conveyancer or solicitor, rather than you. All funds will then be used at exchange, with the purchase needing to complete within 90 days of the savings Isa guide withdrawn but if the purchase falls through, the money will be returned to your account.

If you're saving for retirement, the rules are slightly different. You'll still get the Government bonus until the age of 50, but you can't access your money until your 60th birthday.

You still won't have to pay any tax when you take it out, however, unlike with a pension, where money withdrawn is taxable after the initial tax-free limit.

You can use the money for whatever you like, although the account is designed to be used to help support you in retirement. You don't have to take it all out in one go — you can make partial withdrawals to supplement your income, for example — and if you leave the money in, you could still gain interest on it.

What if I want to use the money for something else? The only way you can take the money out penalty-free is if you're using it to buy a first home, are saving for retirement, or if you have a terminal illness.

This means that you'll lose the Government bonus, but will also effectively be hit with a 6. Essentially, this means that, if you want to use the money for anything else, or even think you might need to access it at some point, don't save into a LISA! For those happy with the requirements, however, it could still prove lucrative - who wouldn't want free money from the Government?

You're aged between 18 and 39 You want the account to save for a first home or for retirement You're confident you won't need the money for any other reason not so much eligibility criteria, but best practice nonetheless No, if: You're 40 or over You want to buy a first home but are lucky enough to be a cash buyer.

The LISA has been designed to help people get on the housing ladder, and so can only be used by those buying with a mortgage You want to rent your property out. You can only use the LISA if you want to buy a residential property, and won't receive the bonus if your intention is to let however, if your circumstances change after you buy, you may still be able to rent it out Ok, I'm eligible.

How can I get one? First, you'll have to do a bit of research to find a suitable Lifetime ISA. Nevertheless, if you find an account to suit, the process of opening one should be fairly straightforward, in line with the opening process of traditional ISAs.

Just contact your potential provider and they'll take it from there. If you're planning to save for a first home within a few years, a cash LISA would probably be more suitable.

How much can I save? There's no set rules on when you have to deposit those funds, however, unlike with the Help to Buy ISA, which only allows you to invest a certain amount each month. When can I access the money?

Isa guide

It depends on what you're using the money for. If you're using it for retirement, you can't access the money until your 60th birthday, unless you're diagnosed with a terminal illness. There's nothing to stop you having one of each, but it's important to bear in mind that you can only use the Government bonus from one account to buy your first home.

This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Authorised and Regulated by the Financial Conduct Authority. Shown on the Financial Services Register register.ANSI/ISA-S 3 Preface The information contained in the Preface and Forward is for information only and is not a part of the standard.

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