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Make the most of your savings with a Lifetime ISA

Whether you’re saving for your first home or saving for retirement, with a Lifetime ISA you can earn a 25% tax-free government bonus

New Lifetime ISA

Apply online


Looking to transfer?

Transfer LISA

As part of the government’s Coronavirus response, the 25% government withdrawal charge
has been temporarily reduced to 20% between 6 March 2020 - 5 April 2021.

Is a Lifetime ISA best for you?

  • Open a new LISA between 18-39 years old​
  • Transfer an existing LISA​
  • Save with a 25% government bonus on your deposits ​
  • Use your funds to buy your first home, or towards retirement

Freedom with our ISA Wallet

Our ISA wallet gives you the freedom to spread your annual ISA allowance across our range of cash ISAs.

ISA Wallet explained

Savings account summary​Cash Lifetime ISA
Account name Cash Lifetime ISA (Issue 2)
What is the interest rate? Annual: 0.75% Gross**/AER*
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.
**Gross is the rate of interest payable before any income tax is deducted.​
Interest will be paid annually on the anniversary of making your opening deposit.
Can Paragon Bank change the interest rate? The interest rate is variable. Please see 5.12 in General Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit? £1,007.50 based on £1,000 over 12 months at 0.75%

This is for illustrative purposes only and does not take into account individual circumstances, or the 25% government bonus paid on your contributions.
How do I open and manage my account? Opening your account Online only
Managing your account Online, by telephone or by post

You can open a new Cash Lifetime ISA if you are between 18 – 39 years old. You must also be a UK resident or, if not, you or your spouse/civil partner must be serving overseas for the UK Crown.

Transfers of existing Lifetime ISAs are available at any age.

Your opening deposit must reach us before your 40th birthday (unless you are transferring an existing Lifetime ISA from another provider). If you make your opening deposit after your 40th birthday your money will be returned to you and your Lifetime ISA will be closed.

You can deposit from £1 up to your Cash Lifetime ISA allowance of £4,000 each tax year. You can pay into your Cash Lifetime ISA up until the day before your 50th birthday.

No joint accounts allowed​
Can I withdraw money? Yes, you can make withdrawals. Withdrawals will incur a 25% government withdrawal charge if you use the money for any other purpose than that intended by the government savings scheme. See condition 4 for circumstances in which the charge does not apply. You may get back less than you paid in.

You can cancel your account within 30 calendar days from us receiving your opening deposit. See condition 5.

The government withdrawal charge is temporarily 20% and goes back up to 25% from the 6 April 2021.
Additional information You have up to 28 days from the date of your application request to make your opening deposit. After 28 days the application will be closed.

All deposits must be made from your nominated bank account. This account must be in the name of the savings account holder.

The Lifetime ISA is a government savings scheme and may change in the future. All ISA interest is paid tax-free, tax rules may change in the future.

Our accounts are subject to a limited offer.

You can spread your annual ISA allowance across multiple ISAs in our range. Subject to HMRC Guidelines, and not exceeding your annual ISA allowance.

As part of the government’s Coronavirus response, the 25% government withdrawal charge
has been temporarily reduced to 20% between 6 March 2020 - 5 April 2021.

New Lifetime ISA

Apply now to open and ​manage your account online .

Transfer existing LISA?​

Transfer your existing LISA from your provider​.

Why choose a LISA?

  • Simple and easy to access Online
  • Transfer an existing LISA​
  • 25% government bonus on your savings
  • Use your funds to buy your first home, or towards retirement
What you will need
Important information
Terms & conditions
  • Your contact details
  • Your email address
  • Details of the UK current account, in your name (either as sole or joint holder), that you would like to set up as your nominated bank account
  • National Insurance number
  • Existing LISA account details if transferring

Power of attorney

If you are applying for this account as a power of attorney, you will need to call our customer services team on 0800 052 2222 to complete your application. For further information about power of attorney please visit our FAQs.

As part of the government’s Coronavirus response, the 25% government withdrawal charge
has been temporarily reduced to 20% between 6 March 2020 - 5 April 2021.


Make deposits by electronic bank transfer or cheque​. Additional deposits can be made, subject to not exceeding your annual LISA allowance.

All deposits must come from the nominated bank account. This account must be in your name, either as a sole or joint holder.​

You can transfer your current or previous LISA subscriptions.

Existing customers can make a deposit from their existing Paragon accounts (subject to account terms and conditions)​.



Withdrawals for anything other than the purchase of your first home or retirement after your 60th birthday, are subject to the 25% government withdrawal charge.


Closing your account

If you change your mind, you have the right to close your account within 30 days of us receiving your opening deposit.

Your account will be closed if it falls below the minimum required balance.


Interest rate changes

This is a variable rate account where the interest rate may change. We will contact you about any changes.

Change When we'll email you
Increase in rate As soon as possible
Decrease in rate 14 days before the change

If you do not close your account we will take it that you have accepted the change.

Keeping you informed

We have a duty to tell you important information about your account as part of our terms and conditions. As these are service messages you won’t be able to opt out of receiving them.

Before you apply for your account please make sure you have read and understand both our Product Terms and Conditions and Key Features and General Terms and Conditions

FSCS protected small logo
Your eligible deposits with Paragon Bank are protected up to a total of £85,000 by the
Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551