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Skipton gears up to launch first cash Lifetime ISA this month

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Written by: Paloma Kubiak
05/06/2017
Skipton Building Society has confirmed it will launch the first-ever cash version of the Lifetime ISA this June.
Skipton gears up to launch first cash Lifetime ISA this month

The mutual confirmed it will offer the cash Lifetime ISA (LISA) this month to eligible savers aged between 18 and 39, though no concrete date has yet to be released.

However, anyone interested in opening the cash LISA, which aims to help young people buy their first home and save for retirement at the same time, can register their details on its website to be alerted when the product is made available.

In March, Skipton became the first provider to announce it would offer a cash version of the LISA, following the launch of the stocks and shares LISA by investment platforms Hargreaves Lansdown, Nutmeg and The Share Centre in April.

People aged 18-40 will be able to save up to £4,000 each tax year into either a cash or investment version of the product and receive a government bonus of 25%.

The money must go towards a first home worth under £450,000 or be used when the saver reaches 60 towards paying for their retirement. See YourMoney.com’s All you need to know about the Lifetime ISA for more information.

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