Nottingham Building Society has increased its lifetime Isa rate from 1% AER/tax free (variable) to 1.25%, which represents a boost for first-time buyers and those saving for retirement.
Customers aged between 18 and 39 years old can earn as much as £32,000 on their savings as a government bonus to put towards a first home or their retirement when they open a lifetime Isa.
However, the deadline for opening a Help to Buy Isa is 30th November 2019.
After this date, first-time buyers won’t be able to use this option.
Jenna McKenzie-Day, senior product manager at The Nottingham (pictured above), stated that a lifetime Isa could help its members to plan, protect and save for their futures, whether it was for retirement or their first home.
“We are delighted to be able to help them towards those aims with a new, increased rate as the leading high street LISA [lifetime Isa] provider.
“With the Help to Buy Isa being pulled at the end of next month, LISA offers an alternative to those looking to get on to the property ladder to not only save for a deposit, but to get to it quicker thanks to the government bonus of up to £1,000 a year.”
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