LIFETIME ISA Explained UK

LIFETIME ISA Explained UK

With many different options for savings in the UK, particularly using the Individual Savings Accounts that allow you up to £20k tax free savings each year - in this video I break down why the Lifetime ISA that allows you to save up to £4k per year with an extra 25% uplift bonus from the UK Government is a solid choice.

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DISCLAIMER - Any advice given in on my channel and videos is for information purposes only, and does not act as financial advice. Your financial decisions are your full responsibility, and if you are in any doubt, please contact a Finance adviser before undertaking any investment with your money or change to your financial activities.

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[cgkty]

I'm bout to be 18 and trying to get smart with money. This channel looks great 👍🏽👍🏽

[ellea]

I opened a cash lifetime ISA a couple of weeks ago after first hearing about it in one of your previous videos and doing further research - thanks so much! I have told a lot of people about it too so you're helping even more people through a ripple effect. God bless you! 😊 ❤

[bethj_fitness]

I love your channel--translates alot of the financial freedom, early retirement info from the US to the UK. You've got a great approach and it's presented really well. I'm currently doing Dave Ramsey's baby steps but I like that you method allows having a life whilst reaching your goals.

[giovannaporceddu]

I’ve been watching Dave Ramsey and read his total money makeover, but I’m so glad I found your channel because I’m also from Glasgow and you’re so much more relatable! Thank you!

[webbmoney]

Amazing video thank you for the great info, I've just opened a LISA with moneybox!

[bitcoinhorizon]

good vid. a lot of value from this. thank you

[nickhalden]

Thank you! Would love to see a video comparing Investment LISA providers :)

[NHhqDIir]

Thank you for yet another brilliant video, Jennifer. I am 36 and my girlfriend and I are very probably going to open Lifetime ISA's to save toward our first home off the back of hearing about them from you and others. Is it generally possible to change from a cash flavour to an investment flavour or vice versa? for the investment type must you generally decide on your portfolio type once and for all when opening?

[charugera]

Excellent info. Can you please do a comparison of the various LISA providers? Thanks

[irenepizzato]

I've opened my lifetime ISA about an year ago! nobody talk about it but is worth. I've open one with Moneybox and, very recently, I found out that you can choose the way you want to spread your investments and make it more or less risky (for example I've choose 80% in global shares).
I've opened it without knowing if it's going to be for an house or my retirement, but I'm sure I won't regret it in 10 years time!!

[ApolloStudios_]

Turning 18 in 30 days, looking forward to getting started!

[CharsChronicles]

Hi! I am going to open a LISA before it's too late, but wondering if I should do stocks and shares rather than cash. What has everyone else chosen and why, please? Thanks!

[ypucandeleteit]

I'm curious. If I open an lisa and then after some time buy a property outside the UK (with different money), will I be able to use the lisa for my first property in the uk

[jonah]

question: If you withdraw your money for whatever reason do you just lose the 25% from that year or do you lose all the bonus money that you've gained?

[drmsgp]

do you think that LISA is worth investing?
ISA is usually tax free
so if I am taxed at 40% rate, topping my deposit with 25% bonus, means I am only taxed at a lower rate, and I am better invest in other accounts that would get me full tax free such as vanguard ISA?
Am I getting the picture right?

[HugglesVlogs]

Great video! I'm thinking of of opening a Lisa but don't know where to open one 🤔 can you help me please? 🙏

[benjamincartledge]

Stocks and Shares LISAs are a great investment opportunity. Four often overlooked advantages of LISAs:

1. You get a similar uplift to a pension as a basic rate tax payer BUT you will not be taxed on drawdowns from a LISA in retirement. You will with a pension. They should only be used as an add on to a pension though, because your employer will contribute free money to your pension. Paying enough into your pension to get your maximum employer match is a no brainer!

2. Even for higher rate tax payers, LISAs make sense. You get a 25% uplift from the government. Then at 60 you can start to transfer the wealth into a pension over the next few years and get a further uplift on these already uplifted funds at higher rate tax relief.

3. If you are a high earner and/or you over prioritise pensions as an investment vehicle, you will be at risk of exceeding the lifetime pension allowance and potentially face a hefty tax bill. A LISA does not count towards your lifetime allowance.

4. Financial advisers, financial commentators and politicians seem to be trying to discourage people from using them, claiming that the simple choice between using one for a first house purchase or for retirement is 'too complicated'. Yea....we little people really struggle to deal with two variables! If these types don't like them, that means they are bad for them and good for you!

[VixieJackson]

I’m confused about lifetime ISAs still.... Right now I have money in a Help to buy ISA. If I open a LISA can I transfer over the help to buy ISA AND pay in £4000 to the LISA this tax year? Also if I pay in £4000 this tax year, £4000 in 20/21 and then £4000 in April 21, what will the bonus be given that I have to have it open for a year before getting a bonus?

[sohamsonawane]

great information were can i apply to get this Eisah. thankyou

[pillion]

I've got a Help To Buy Isa setup since 2016 with regularly monthly payments of £200. I still making these payments each month but help to buy isa is not longer available.
For this year 20/21 I opened a stock ISA. Do my regularly payment to my help to buy ISA affect my sock ISA allowance?
Thank you!
Great channel keep up the good work!