What is a Life Time ISA?

A Lifetime ISA (LISA) is an easy and flexible way to save and invest for your first home. You can open an account if you are between 18 and 39 years old.

As with other types of ISAs, you can decide to save your cash or make an investment in the stock market, and your money can grow free from UK tax. But the real perk is that you get an extra 25% from the government of up to £1,000 each year.

You can invest up to £4,000 each year, and the government will top you up a further 25%. So for every £4 that you put into the account, you get an extra £1 - up to £1,000 per tax year. It is key to note however that if you chose to draw funds out of your LISA for any reason other than the purchase of your first home or your retirement, you will incur a charge.

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