Lifetime ISA Application

 

Before applying, please remember:

  • You must be aged 18 – 39 to open a Lifetime ISA (LISA)
  • It can only be used by a first time buyer to purchase a home under £450,000, or for retirement from age 60
  • There is a government penalty for withdrawing funds for any other purpose
  • If using your LISA for retirement, you should be self-employed or already maximising contributions to a workplace scheme, otherwise you could miss out on employer contributions
  • LISA savings could affect your entitlement to means-tested benefits
  • This a medium to long term investment so if you intend to purchase your first home within the next 3 years, you should consider whether a cash LISA may be more suitable
  • Direct Debits or lump sum investments must be paid from a UK bank account

 

To adhere to HMRC’s Lifetime ISA rules, if you’re approaching your 40th birthday, consider starting your LISA with a lump sum payment, to ensure the money is in your plan before you turn 40, as the first Direct Debit payment may not be taken for 4-6 weeks after applying.

You can also move money from another Lifetime ISA or a Help To Buy ISA by selecting the Transfer option when applying online, then print and return the Transfer form provided to us by post so we can process your transfer request. If you would prefer to do this solely by post, please call us on 0800 988 2418 so we can send the forms you’ll need.

Opening a Lifetime ISA

from £50 per month or a lump sum from £500

 

What will I need to apply online?

  • Your National Insurance Number
  • UK bank account name, number and sort code – if you wish to set up a monthly payment
  • Your debit card details – lump sum payments can only be made via a debit card which must be in your name and linked to a UK bank account
Start your application

Please note

During periods of extreme investment market volatility, we might need to apply a Market Value Reduction (MVR) when you withdraw some or all of the money in your plan in order to protect remaining members within our Order Insurance with profits Fund.  A small proportion of plans that have invested in our fund in previous years have an MVR applied to them but no MVR is currently in place for plans taken out in 2023.

An MVR is an adjustment that can be applied to the value of your investment if you choose to cash-in or withdraw from your plan during volatile investment conditions, reducing how much you get back.  It ensures that everybody gets their fair share of the returns from a with profits fund and is designed to protect members who do not take their money out of the fund during poor market conditions.

It’s important to remember that this savings plan is a longer-term investment, which is designed to be held over many years.

Past performance is not a reliable indicator of future results however stock market and alternative investments have historically tended to outperform money held in cash savings accounts, e.g. cash ISAs, over the longer term.

We do not offer financial advice. If you would like to speak to a Financial Adviser regarding the suitability of the LISA please do, however they may charge for their advice.

Once your application has been submitted, you will be sent information about your right to change your mind. You can read details of our cancellation and refund policy here.

We accept the following debit cards:

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