Understanding investment approaches: DIY, DIWM, and DIFM explained
Introduction In today’s digital age, investment platforms have become a cornersto...
A few days into the new tax year and there’s a lot of talk about the new Lifetime ISA (LISA). If you’re unsure what LISA is about and how it works, here are the key things to remember:
The Lifetime ISA was designed for two reasons — to help those under 40 save towards the purchase of their first home, or, for retirement. If someone decides not to use their LISA savings to buy a property, the money can be used in retirement or once they have reached the age of 60. The LISA comes with certain strings attached, so here’s what you need to think about before opening an account.
LISA summary
For now, LISAs are only available on Hargreaves Lansdown, Nutmeg and The Share Centre. Other providers are waiting to assess consumer demand before setting one up.
If you would like to read about the reasons to invest in an ISA click here.
To run your own ISA comparisons on platforms click here.