Save for your first home with the market-leading Cash Lifetime ISA

Save up to £4,000 each tax year and get a 25% government bonus. Our market-leading Cash Lifetime ISA offers an interest rate of 0.6% AER (variable), this includes a 0.25% base rate (variable) and a fixed one year bonus interest rate of 0.35%.

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What is a Cash Lifetime ISA?

  • The Lifetime ISA is a product designed by the government to help people aged 18-39 buy their first home or save for retirement.
  • You can save up to £4,000 each tax year and the government will add a 25% bonus on top of all savings.
  • For every £4 you contribute, you get £1 for free. So if you pay in the maximum £4,000 per year, that's an additional £1,000 bonus!
  • Cash Lifetime ISAs allow you to earn additional interest on top of your tax-free savings and government bonuses.
  • The market-leading Moneybox Cash Lifetime ISA offers an interest rate of 0.6% AER (variable), this includes a 0.25% base rate (variable) and a fixed one year bonus interest rate of 0.35%.

How much do I need to save?

See how you can boost your savings with a Moneybox Lifetime ISA.


Govt. withdrawal charge may apply. Remember, interest rates may change so projections are not a guarantee of future value.

Let’s make this happen

Set up a weekly deposit of

£ --,--

into a Moneybox Lifetime ISA Account

an additional weekly deposit of

£ --,-- i

into another savings account (calculated at x.x% interest).

Your total government bonus

£ --,--

Your breakdown

To calculate your weekly deposit we've taken into account the accumulated value of your contributions over 5 years, including the government bonus you'll receive and interest you will earn. We've assumed you continue with these settings and interest rates don’t change.




Govt. withdrawal charge may apply. Remember, interest rates may change so projections are not a guarantee of future value.

What else should I know about the Cash LISA?

  • There are no fees for this account.
  • This Moneybox savings account holds your savings via third party banks. These banks are covered by the Financial Services Compensation Scheme so your savings are protected up to £85,000.
  • You can use the Cash Lifetime ISA to buy a property up to the value of £450,000 anywhere in the UK but must have had the account open for at least one year before you withdraw money to do this.
  • If you need to withdraw money for any reason other than your first home (up to the value of £450,000) or retirement, you'll pay a government charge of 25% on the the amount you withdraw. This means you'll get back less than you've put in.
  • We accept digital transfers in from most providers. To find out more, please contact our Support team.

Learn more about the Moneybox Cash Lifetime ISA

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Summary Box

Moneybox Cash Lifetime ISA

Interest rate (including a bonus rate of 0.35% AER for 12 months) 0.6% AER (variable)
Interest rate (after first 12 months) 0.25% AER (variable)
  • Interest is earned daily.
  • Interest earned due to the underlying interest rate is paid on the 1st day of each month, rounded down to the nearest penny.
  • Bonus interest is paid on the 1st day of your 13th month.
  • Yes – the underlying interest rate is variable, so it can go up or down, although the one-year bonus interest rate will not change.
  • We will inform you as soon as possible, via the Moneybox App, of any change to the interest rate.
Estimated balance after 12 months (underlying interest rate with a bonus rate of 0.35% AER variable for 12 months) £1,257.31
Estimated balance after 24 months (only the underlying interest rate of 0.25% is paid for months 13 to 24) £1,264.88
  • This assumes that:
    • The account is opened with £1,000 (not via a Lifetime Isa transfer (see below)
    • No further deposits or withdrawals are made
    • The interest stays the same for the full 24 months.
  • The government pays a 25% bonus on your contribution, which is paid within 54 days of your contribution.
  • The estimated balance excluding the government bonus or if you transfer in another Lifetime ISA, on which your 25% bonus has already been paid can be seen in the table below:
Estimated balance after 12 months (underlying interest rate with a bonus of 0.35% AER variable for 12 months) £1,006.00
Estimated balance after 24 months excluding the government bonus, (only the underlying interest rate of 0.25% is paid for months 13 to 24) £1,008.50
  • The account is available to UK residents aged 18 to 39. You can transfer an existing Cash Lifetime ISA at any age.
  • You may only open and manage the account via the Moneybox app.
  • Please note that your Cash Lifetime ISA account opening date is the day after Moneybox collected your first Cash Lifetime ISA contribution or the date we receive your ISA or Lifetime ISA transfer in request. You can transfer in existing Lifetime ISAs or make contributions by direct debit of up to £4,000 in total each tax year.
  • Joint accounts are not allowed.
  •  You can withdraw cash to buy your first home (subject to the conditions set out in the questions and answers below) or anytime after you are 60 years old.
  • Your Cash Lifetime ISA must have been open for at least 12 months. Please note the 12 months period will start from the day after Moneybox collected your first Cash Lifetime ISA contribution. If you have transferred Lifetime ISA to Moneybox from another provider the 12 months start from the date you paid into the original Lifetime ISA.
  • If you make a withdrawal before the Cash Lifetime ISA has been open for 12 months or for a reason other than buying your first home or after you are 60 years old then you will be charged the government penalty of 25% of the withdrawn amount. This may mean that you receive back less than you put in and we’ve provided an example of this in the questions and answers below.
  • The government penalty is not charged in the event of your death or terminal illness.
  • The Lifetime ISA is a government savings scheme and the rules, including tax benefits, could change in the future.
  • Interest is paid tax-free. This means that you do not pay income tax on the interest earned in the Cash Lifetime ISA.

Lifetime ISA questions & answers

Read more information about the Lifetime ISA. If you have any questions, please chat to us in the app or email us via support@moneyboxapp.com.

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It's important you know

If you withdraw money for any reason other than buying your first home (up to £450,000) or retirement, you’ll pay a government charge of 25% on the amount you withdraw. This means you’ll get back less than you’ve put in.

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Introductory Bonus Terms and Conditions

 

Eligibility

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It's important you know

All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest.

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