Moneybox has today announced the launch of its Cash Lifetime ISA (LISA), in partnership with OakNorth Bank, offering a market-leading interest rate of 1.4 per cent.

The LISA, Moneybox said, has been designed to support customers that are saving towards their first home.

The fintech company noted that, for many young people getting on the property ladder “continues to feel like a pipe dream” and the government’s introduction of the LISA, with its 25 per cent bonus up to £1,000 per year, was a welcome step for millennials, despite a surprisingly low number of banks opting to offer the product.

Commenting, Moneybox co-founder Ben Stanway said: “The Lifetime ISA provides a much-needed helping hand to young people who are trying to get on the property ladder and we’ve been very surprised to see so few banks make it available to their customers. We hope that by offering a market-leading rate through our partnership with OakNorth Bank, we can encourage many more people to take advantage of the free money being offered by the government.”

OakNorth Bank chief strategy officer Amir Nooriala added: “Since our launch in September 2015, we have proven our ability to innovate in the U.K. savings market, which has been recognised with various savings awards. Through this partnership with Moneybox, we’re highlighting the importance of financial literacy, streamlining difficult processes and releasing a market-leading interest rate that helps customers to save for their first home, as well as benefit from the 25 per cent government bonus.”

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