The new-style ISA launched on 6 April allowing anyone aged between 18 and 40 to save into a longer-term tax-free account for their first home and retirement at the same time. See YourMoney.com’s The key Lifetime ISA facts you need to know for more on the scheme.

To date, just three mainstream investment platforms have launched the Lifetime ISA (LISA) product; Hargreaves Lansdown, Nutmeg and The Share Centre. There are currently no cash LISA products on the market.

So which funds are drawing the attention of LISA investors?

Hargreaves Lansdown

So far, more than 10,000 LISAs have been opened via Hargreaves Lansdown, showing the popularity of the saving scheme which attracts a government bonus of 25% on the maximum £4,000 per year allowance.

Investors here have opted to put their money into the hands of the big, well-known fund managers, including Neil Woodford, Terry Smith and Nick Train.

Sponsored

How life insurance can benefit your health and wellbeing over the decades

Sponsored by Post Office

The LISA picks also reveal that investors are seeking income and are leaning towards global exposure.

Here are the top 10 fund choices (in alphabetical order):

• CF Lindsell Train UK Equity
• CF Woodford Income Focus
• CF Woodford Equity Income
• Fundsmith Equity
• HL Multi-Manager Income & Growth Trust
• HL Multi-Manager Special Situations Trust
• Lindsell Train Global Equity
• Jupiter India
• Legal & General International Index Trust
• Stewart Investors Asia Pacific Leaders

Nutmeg

The online investment platform revealed that on the first day of the LISA launch, 1,217 accounts were opened and while it is not disclosing further information, it told us that “interest continued to be high”.

The Share Centre

The Share Centre wasn’t able to give account opening numbers, but did say “several hundred” LISAs had been opened with 7% of customers subscribing to the maximum £4,000.

It has a “ready-made” LISA which offers investors three investment choices: the SF Cautious fund, the SF Positive fund or the SF Adventurous fund.

The SF Adventurous fund is currently the most popular choice, representing 47% of funds purchased within the LISA, followed by 33% for the SF Positive fund and 20% for the SF Cautious fund.