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Why do I need to set up a Direct Debit?

Any funds you add to the app are taken from your linked bank account, so you’ll need a UK current account linked in order to pay in.

For most of our accounts (excluding Notice Accounts and the Reward Savings Account), you can deposit £100 or more instantly via easy bank transfers or if you hold an ISA, LISA, or GIA, you can also send payments of £100 or more directly from your linked bank account using manual bank transfers.

You don’t need an active Direct Debit mandate for either of these payment methods, so, if you’d prefer to solely deposit through easy or manual bank transfers, you’re more than welcome to cancel your Direct Debit with your bank. You can find out more on bank transfers here.

If you’d like to set up recurring payments or wish to deposit into an account that doesn’t support easy bank transfers, you’ll need to set up a Direct Debit for us to collect the funds.

Setting up a Direct Debit doesn’t mean you need to commit to recurring payments though, and you can still contribute via one-off deposits through our collection cycle if you’d prefer!

The amount collected and debited each week is according to your app settings, which can be changed at any time!

You can also cancel your Direct Debit with your bank at any point to prevent any further payments through our weekly collection cycle.

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It's important you know

Capital at risk. All investing should be for the longer term. The value of your investments can go up and down, and you may get back less than you invest. Tax treatment depends on individual circumstances and may be subject to change in the future.

A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Payments you make into your pension won’t be accessible until the minimum pension age (currently 55, increasing to age 57 from 2028). Tax treatment depends on individual circumstances and may be subject to change in the future.

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