Save for your first home with the Moneybox Cash Lifetime ISA

Moneybox Cash Lifetime ISA

• 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.
• The bonus interest rate will be paid for 380 days from the day you complete the application for your first Moneybox Cash Lifetime ISA. The bonus interest rate does not apply to existing Moneybox Cash Lifetime ISA customers or to customers who switch their Lifetime ISA within Moneybox after the first 12 months.

• 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.

• 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:

• 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.
• You need to buy a house with a mortgage (excluding a “Buy to Let Mortgage”), and you must use a conveyancer or solicitor to act for you in the purchase of the property.
• 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 month 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.