Tuesday, 1 August 2017

Savers 'rush' to open cash Lifetime Isas with the only provider

As many as 28,000 savers have opened Lifetime Isas with the only provider offering a cash version of the product.

The Skipton Building Society said there had been a high level of interest in the six weeks since it was launched at the beginning of June.

The Lifetime Isa allows people under the age of 40 to put up to £4,000 a year into their account and receive a 25% government bonus.

It is designed for first-time buyers or those saving for retirement.

As with other Isas, there is no tax to pay on the interest or the capital.

BBC    News.

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