In a nutshell: the best Lifetime ISAs
Learn more about Lifetime ISAs and our best Lifetime ISAs: [ Ссылка ]
Tembo:
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Moneybox:
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Hargreaves Lansdown:
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Lifetime ISAs, also called LISA, are really great at helping you save for your first home, and highly recommended.
As a very quick recap, you’ll get a 25% bonus from the government on everything you save into one, automatically added to your account after a month or so.
You can save up to £4,000 per tax year into one, and a tax year runs from April 6th to April 5th the following year. That means you can grab up to £1,000 per year completely free.
To actually use it, you’ll need to buy a property under £450,000, and not have bought any property before, so you're classed as a first time buyer.
You can also use one for retirement, although they’re a much better option for buying a home. A pension can often be better for retirement savings.
At the top of the list we’ve got Tembo. It has one of the best interest rates out there for saving your cash, and there’s no extra fees for saving cash, such as subscription fees. It’s simple to use, you just add your money and you’re away.
And if you want to invest your money for the long term, you can, with an easy to understand investment option where professionals use sensible investment strategies to grow your money over time, plus the fees are low.
The app itself is great, with lots of features designed to boost your house deposit. And when it’s time to buy your first home, Tembo can help find your mortgage too. Not only is their mortgage advice award-winning, but they’re the only mortgage broker who can help you borrow more than you normally could.
Next up, it’s Moneybox. They also have a great rate for saving cash, but this reduces after 12 months. And like Tembo, you can invest your money within a Stocks and Shares Lifetime ISA if you want to. There’s a good range of investment options, and the app is pretty great overall. Moneybox can also help you find a mortgage when the time comes too.
Tembo and Moneybox typically have the very top rates for saving cash, with other companies not really coming close, so if you’re just looking to save cash, they’re your best options in our opinion.
If you want to invest your money, with the aim of growing it large over time, typically earning more over time than saving cash, you can also use Tembo or Moneybox, but you could also use an investment platform that has a wider range of investment options. It depends how experienced you are with investing.
If you are experienced at investing, Hargreaves Lansdown is a great option.
It’s typically an expensive investment platform, however for a Lifetime ISA, they have reduced their fees, which are 0.25% of your investments per year, and no fees to buy and sell investment funds. There’s a wide range of investment options to choose from, it’s popular, and it’s very well established.
And that’s it, we think they are really great for saving for a first home. If you have any plans to buy a home, get saving into one, as you need one open for at least 12 months before you can use it, and you can just start with £1, so it’s worth opening one as soon as you can.
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