Lifetime ISA explained: Is it worth it?

The Lifetime ISA, or LISA, will give savers and investors a 25% bonus on deposits, giving up to £1,000 in free cash each year.

Sounds good right? Too good to be true? There must be a catch right? Well, yes. But as long as you use the cash towards buying your first home or for retirement a Lifetime ISA can be a better option than alternatives.

In this video I've shared what a Lifetime ISA is and how it works, who can get one and the restrictions on use - such as a 25% penalty to take the cash out for any other reason.

Plus I've compared them to Help to Buy ISAs and Pensions to help you decide if they're right for you.

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W A T C H N E X T

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A B O U T A N D Y

Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.

DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.