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Skipton first high street lender to offer cash Lifetime ISA

by: Paloma Kubiak
  • 20/03/2017
  • 0
Skipton Building Society has become the first savings provider to announce it will offer the Lifetime ISA product, but savers will have to wait until June.

The mutual will allow eligible savers aged between the ages of 18 and 39 to open the much-anticipated Lifetime ISA (LISA) from June.

It said it will share specific account details of the product nearer the time but the product will be a cash ISA.

The news comes a week after platform The Share Centre joined Hargreaves Lansdown and Nutmeg to confirm they would offer a stocks and shares LISA  on 6 April.

At the time of The Share Centre’s announcement, not a single bank or building society had announced it would be ready to launch a cash version of the LISA from April.

The new Lifetime ISA, which was announced by former chancellor George Osborne last year, aims to help young people buy their first home and save for retirement at the same time.

People aged 18-40 will be able to save up to £4,000 each tax year into either a cash or investment version of the product and receive a government bonus of 25%.

The money must go towards a first home worth under £450,000 or be used when the saver reaches 60 towards paying for their retirement.

Kris Brewster, Skipton’s head of products, said: “The Lifetime ISA could be a real shot in the arm for people wanting to get on the housing ladder. Never before have we seen a savings account that gives such a boost to people saving up to buy their first home.

“And for people saving for their life ahead, the Lifetime ISA offers new options to consider as part of their savings mix. It’s only right that we offer our members a range of savings options so they have the choice of which best suits their own needs. As a mutual, offering a LISA to help people save for their own home and future is the right thing to do.”

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