Before you start your Lifetime ISA application please read the risks, terms and conditions, key features and charges and rates for the Lifetime ISA. For more on Lifetime ISAs click here.

You should take the time to read the risks, as there are specific things to consider before opening a Lifetime ISA:

  • If you withdraw any savings held in a Lifetime ISA (LISA), you'll pay the 25% government withdrawal charge – unless you're 60 or older, using the money to buy your first home, or are terminally ill. This may mean you get back less from your LISA than you paid in.
  • You may miss out on the benefit of employer contributions if you choose to save into a LISA instead of enrolling in a pension scheme. Your current and future entitlement to means-tested benefits could be affected, too.

You’ll need to fund your Lifetime ISA before the end of this tax year or before your 40th birthday, whichever is soonest – otherwise we’ll need to close it. You can fund your Lifetime ISA either by paying into it directly, or by making a transfer from another ISA.