Is my Lifetime ISA protected by the Financial Services Compensation Scheme?
The FSCS is a government fund that exists to help consumers in the event of a bank collapse. You are protected for 100% of the first £85,000 per financial institution.
If you opened a Cash LISA before the 23rd of April 2020, your account is powered by our partner OakNorth. OakNorth is covered by the Financial Services Compensation Scheme (FSCS) so £85,000 of your savings are protected. If you have other savings with OakNorth these will also count toward the £85,000 limit with OakNorth.
For users who open a Cash LISA on or after the 23rd of April 2020, the account is powered by Investec. Investec are also covered by the FSCS up to £85,000, and any other savings you hold with Investec (including in our 95 Day Notice Account), will count towards this limit.
Our Stocks & Shares LISA is also protected by the FSCS up to £85,000. Please note that ‘loss’ in this instance doesn’t include simply where the value of your investments fall as part of general investing risk.