The Nottingham has increased its Lifetime ISA (LISA) interest rate to 1.25% AER, the building society has confirmed today.
The move marks a rise from the previous interest rate of 1.00% AER, providing a savings boost for first-time buyers and those saving for retirement who are eligible to use LISAs. Anyone aged 18 to 39 can open a LISA, and depending on their individual circumstances can earn up to a maximum of £32,000 on their savings as a government bonus.
LISA holders can deposit up to £4,000 a year, with the government paying a 25% bonus for every £1 paid in. LISA money can then be withdrawn either to buy a first home, or as a retirement income at the age of 60 (with any early withdrawals incurring a 25% government charge).
The Nottingham is the only LISA provider to offer the product both in-branch and online. Its latest interest rate move comes ahead of the deadline for Help to Buy ISAs on 30 November – after which first-time buyers will be unable to use this alternative option to boost their property deposit.
The Nottingham’s senior product manager Jenna McKenzie-Day said: “A Lifetime ISA can help our members to plan, protect and save for their futures, whether it is for retirement or for their first house. We are delighted to be able to help them towards those aims with a new, increased rate as the leading high street LISA provider.”
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