Looking to buy your first home?
It may be easier than you think with the Moneybox Stocks & Shares Lifetime ISA.
Save up to £4,000 each tax year and get a 25% government bonus.
Download the app and get started with £1.
We are accepting digital transfers from most providers into our Lifetime ISA. Please get in touch with our customer service team for more information.
An introduction to the Moneybox Lifetime ISA
What is the Lifetime ISA?
- The Lifetime ISA is a product designed by the government to help people aged 18-39 buy their first home or save for retirement.
- You can save up to £4,000 each tax year and get a 25% government bonus on all savings.
- If you pay in the maximum of £4,000 you’ll receive a £1,000 bonus. Over time, these bonuses could give you a real head start.
- If you need to withdraw money for any reason other than your first home or retirement, you’ll pay a government charge of 20% on the value of your withdrawal. This means you will lose any government bonuses you have earned. Please note this is a temporary reduction in the government charge from 6 March 2020 - 5 April 2021. After this period the government withdrawal charge will revert to 25% (you'll pay an additional £6.25 for every £100 deposited).
What else should I know?
- To open a Lifetime ISA you must be aged 18-39.
- You can continue contributing into a Lifetime ISA until you are aged 50.
- You must be a UK tax resident (and non-US citizen) only.
- You must use it to save towards your first home, provided the value is no more than £450,000, or for your retirement when you reach 60. Please note you must have held your Lifetime ISA for at least one year before using it to purchase your first home.
- Remember, the value of your investments can go up and down, and you may get back less than you invest.
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Questions & answers
If you have any questions, please chat to us in the app or email us via
support@moneyboxapp.com.
How can I use my Lifetime ISA to buy my first home?
You can use the amount saved in your Lifetime ISA towards your first home if: The property costs £450,000…
Can I open a Lifetime ISA if I already have an ISA?
Under existing ISA rules, you can pay into one of each type of ISA per tax year (e.g. a…
Can I use the Lifetime ISA to buy a home with someone else?
Yes! You can use your LISA to buy a home with another person regardless of whether or not they’re…
How is the Lifetime ISA different from the Help to Buy ISA?
We’ve set out some of the key differences in the infographic below.
Safety and transparency
Covered by the FSCS
Moneybox and our partner banks are covered by the government's Financial Services Compensation Scheme up to a limit of £85,000. Please be aware that this does not cover a decline in the value of your investments.
Bank level encryption
We use 256-bit TLS encryption for all your personal information and will never share any of your details with third parties without your consent.
We're here to help
If you have any questions, you can chat to us in the app or email us via support@moneyboxapp.com.
Fees
We believe in being fair and transparent, so we've set out the fees you'll pay for our Stocks & Shares Lifetime ISA in the table below. These fees cover all trading and transaction costs.
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Monthly subscription fee
This covers all investment accounts. E.g. If you have a Stocks & Shares ISA and a General Investment Account, you will pay £1 in total each month.£ 1Free for the first 3 months
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Moneybox platform fee0.45%
Charged monthly
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Annual fund provider costs
Incl. transactions0.12% - 0.30%Charged monthly
Our other products
It's important you know
There is a 20% government withdrawal charge unless you use the money towards buying your first home (up to £450,000) or for retirement (from age 60), meaning you will lose any government bonuses you have earned. Please note this is a temporary reduction from 6 March 2020 – 5 April 2021. After this period the government withdrawal charge will revert to 25% (you’ll pay an additional £6.25 for every £100 deposited). The value of your investments can go up and down, and you may get back less than you invest. The Lifetime ISA is treated differently for tax purposes when compared to a pension. If you decide to opt out of your workplace pension and instead pay into a Lifetime ISA, you will not benefit from any employer-matched contributions into your LISA and it may affect your current and future entitlement to means-tested state benefits. If considering the Lifetime ISA for the purposes of retirement, we recommend you speak with an independent financial advisor.
It's important you know
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest.
