What is a Lifetime Individual Savings Account (LISA)?

The Lifetime ISA (LISA) is a tax-free savings account to help first time home buyers aged 18-39 get on the property ladder and/or save money towards retirement.

You can pay in up to £{{currentLifetimeIsaAllowance}} a year. When you save money into a LISA the government gives you a 25% bonus on the money you put in up to £1,000 a year.

You need to have saved into your LISA for at least 12 months before using the money to buy your first home.

You can withdraw your money without charge if you're using it to buy your first home for £450,000 or less, and you've had the account for at least 12 months.

If you're saving for retirement you can take out your money once you've reached the age of 60.

If you withdraw your money for any other reason or before you hit 60, the government will apply a withdrawal fee of 25% - but only on the amount withdrawn. Find out more: https://www.gov.uk/lifetime-isa

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Cushon Group Limited is registered in England and Wales with company number 10967805. Registered office: Stephenson House, 2 Cherry Orchard Road, Croydon, England, CR0 6BA. Cushon Money Limited is authorised and regulated by the Financial Conduct Authority with FRN 929465 and is registered in England and Wales with company number 11112120. Cushon Master Trust is regulated by The Pensions Regulator with PSR number 12008536. Cushon Group Limited is the sponsoring company of Cushon Master Trust and is registered in England and Wales with company number 10967805. We provide high quality impartial information but not advice, so it is important that you understand the risks of investing. The value of investments can go down as well as up which means you may get back less than you put in.