The government adds £1 for every £4 you save. See what that becomes.
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A Lifetime ISA lets people aged 18 to 39 open an account and save up to £4,000 a year until they turn 50. The government adds a 25% bonus — up to £1,000 a year. You can use the money to buy a first home costing up to £450,000, or take it out tax-free from age 60.
Taking money out for any other reason costs 25% of the amount withdrawn, which wipes out the bonus and some of your own money. The LISA counts towards your £20,000 yearly ISA allowance.
| Your age | 25 years |
| Already in your LISA | 0 £ |
| You pay in each year (max £4,000) | 4,000 £ |
| Yearly growth (after fees) | 4% |
| Using it for | Buying my first home |
| Years until you buy (home) | 5 years |
| Value after 5 years | £28,165 |
| You pay in | £20,000 |
| Government bonus (25%) | £5,000 |
| Growth | £3,165 |
| If you withdraw for another reason | You lose 25% of the amount — £7,041 here (more than the bonus) |
| Home rule | First home, price up to £450,000, account open at least 12 months |
£28,165.
| Your age | 25 years |
| Already in your LISA | 0 £ |
| You pay in each year (max £4,000) | 4,000 £ |
| Yearly growth (after fees) | 7% |
| Using it for | Retirement at 60 |
| Years until you buy (home) | 5 years |
| Value at 60 | £665,649 |
| You pay in | £100,000 |
| Government bonus (25%) | £25,000 |
| Growth | £540,649 |
| If you withdraw for another reason | You lose 25% of the amount — £166,412 here (more than the bonus) |
£665,649 at 60.
25% of what you pay in, up to £1,000 a year on the £4,000 maximum. Bonuses are paid monthly.
£450,000. Your account must have been open for at least 12 months before you use it to buy.
You pay a 25% charge on the amount withdrawn, so on £1,250 (your £1,000 plus £250 bonus) you get back £937.50.
You can hold both, but only use the bonus from one of them to buy your first home.