A £1,100 bonus for savvy investors could be missed by many eligible people if they don't act fast.
If you have a Help to Buy ISA (Individual Savings Account) you could earn a government provided boost to your savings if you transfer your policy into a LIfetime ISA before the new tax year on the 6th of April.
But why is there a government bonus? The reason for it is that amounts within the ISA that were built up before the LIfetime ISA was launched do not count towards the savings limit.
Be aware however that the deadline for transferring varies between the different providers. For example, Skipton Building Society requires customers to have applied for a transfer by the 1st of March in order to allow for enough time to process the transfer.
The Help to Buy ISA and the LIfetime ISA both offer a 25% bonus towards the purchase of a primary residence, but only the Lifetime ISA can be used in order to save for retirement.
If you wish to use the Lifetime ISA as a cash ISA, the only option is offered by Skipton Building Society.
it's important to note that if you are looking to buy a house soon, the Lifetime ISA must be held for at least 12 months before it can used to make the purchase. In addition, if you withdraw money from a Lifetime ISA before you are 60 years old for any reason other than the purchase of a home, there will be a penalty charge.
Contact Westminster Wealth Management today and one of our skilled advisers can construct a financial plan for you that will enable you to meet your financial goals.
The value of investments and income from them may go down as well as up and you may not get back the original amount invested.
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