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Nottingham Building Society to become second cash Lifetime ISA provider

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Written by: Paloma Kubiak
15/06/2018
The Nottingham Building Society is set to launch a cash Lifetime ISA product, making it just the second provider to offer a cash version of the popular government-backed scheme.

As part of its phased rollout, it will offer the Lifetime ISA (LISA) to customers via its branch network only over the coming months. It currently has 67 branches across 11 counties.

The Nottingham isn’t giving away too much at this stage, but added that further details will be published on its website and via social media closer to launch. It will follow with an online version.

Why is this a big deal?

The Lifetime ISA launched in April 2017, offering people aged 18-39 the chance to save up to £4,000 each tax year towards a property or pension where the sum receives a government bonus of 25%.

It was a much anticipated scheme but at launch just a handful of providers offered the product, and they were all investment based. In June 2017, Skipton Building Society launched a cash version of the LISA and in February this year, it announced it had received £123m worth of deposits from more than 60,000 customers, showing the popularity of its offering.

YourMoney.com is aware of 10 providers now offering the LISA:

  • AJ Bell (investment)
  • Foresters Friendly Society (With Profits)
  • Hargreaves Lansdown (investment)
  • MetFriendly (for police officers, contractors, volunteers & their immediate family)
  • Moneybox (app-based)
  • Nottingham Building Society (cash)
  • Nutmeg (investment)
  • OneFamily (investment)
  • Skipton Building Society (cash)
  • The Share Centre (investment).

Jenna McKenzie-Day, senior product manager for savings at the Nottingham, said: “We’re really pleased to be offering the Lifetime ISA to savers in our heartland during the first stage of the rollout.

“Our online launch will come later in the year when we look forward to bringing our unique proposition and high service standards to consumers up and down the country.”

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