A lifetime ISA can be used to either help you save for your first home or to save for later in life. You must make your first payment into a lifetime ISA before you’re 40. A lifetime ISA allows you to save up to £4,000 per year until you are 50 and a 25% bonus is given from the government if you use this ISA towards buying your first home or retirement (with a maximum property value of £450,000).
While we do not currently offer Lifetime ISAs at Sainsbury’s Bank, here’s a list of providers that you can open a Lifetime ISA with:
- Building societies
- Friendly societies
- Other financial institutions