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    • Home • Advice • Common questions

    What is the maximum amount that you can open a Cash LISA with?

    23 October 2023

    Question by Kathy

    Answered by

    Hi Kathy,

    Thank you for your question.

    A Lifetime ISA (LISA) can be opened by anyone between the ages of 18 and 39. It can be used to purchase your first home, in the UK, with a value of up to £450,000, or from age 60 as part of your retirement planning.

    The maximum you can save into a LISA is £4,000 each tax year which means that, to open an account, this would be the maximum you could put in. The government will then add a 25% bonus to your savings, up to a maximum of £1,000 each year.

    If you were to open a LISA now and made the maximum contribution of £4,000, you wouldn't be able to make a further contribution until 6th April 2024.

    Remember - If you need to access funds early, withdrawals will suffer a 25% penalty which will result in the loss of your government bonus, plus around 6% of your contribution.

    If you have any questions please do not hesitate to reach out.

    Allie

    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
    Risk warningAs is always the case with investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.
    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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