Nottingham Lifetime Isa now available online

Nottingham Building Society will now offer its cash Lifetime Isa products both online and in branch, according to the lender.

The building society is one of three to offer a cash Lisa and the first to do so online.

The firm adds that 17 per cent more members are choosing Lisas over HTB Isas. A spokeswoman at Nottingham Building Society says: “Lisas are gaining in popularity due to first-time buyers being able to access money at any point during the process, whereas HTB Isas are more rigid.”

The government has said it will stop accepting new applications for Help To Buy Isas from 30 November 2019.

Lisas were announced in 2017 for those aged 18-39 who are saving for their first home or retirement and later life. Account holders can save £4,000 tax-free each year, with a 25 per cent state bonus paid annually until the individual turns 50.

Nottingham Building Society director of member services Tina Hayton-Banks comments that, “80 per cent of those opening a Lisa with The Nottingham are FTBs planning to use the funds for their first home.

“We know there are think tanks, financial institutions and MPs that have been critical of the lifetime Isa, with some even calling for it to be scrapped and to those we say – you are wrong.

“An account that supports FTBs and retirement savers with tangible benefits in the form of cash bonuses has our full backing and should be here to stay.

“Although there are more FTBs opening the account, it does not mean that they will not turn into retirement savers.

“That is why it is called a lifetime Isa – you can continue saving into it once funds have been used for a house purchase.”

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