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You can use a LISA to save for your first home or for your retirement, but if you want to use your LISA savings for anything else you will have to pay a government withdrawal charge. But it comes with an added benefit too.
Not only do you not pay any tax on the interest you earn, you also earn a 25% government bonus on everything you deposit between the ages of 18 to 50.
That means you can earn interest on the savings you deposit, as well as the 25% government bonus. All whilst paying no tax on it, so keeping more of your earnings for the big things in life.
To apply for a LISA you need to be a UK resident aged 18 to 39. However, you can continue to top up your savings every tax year until the age of 50 and still receive the government bonus.
So, if you max out your LISA each year between the ages of 18 and 50, you could earn up to £32,000 from the government bonus alone.
Quickly check if you’re eligible for a Lifetime ISA by answering a few questions
Sorry, you can only open a new LISA as a UK resident and between the ages of 18 - 39. However, if you already have a LISA, you can always transfer it to Paragon Transfer LISA Over 39 and don’t have a LISA? View all savings accounts
A Lifetime ISA can only be used towards your first home or retirement. You can still reach your savings goals with our other accounts View all savings accounts
Great, you can open a LISA today. Learn more about using your LISA towards your retirement.
Sorry you can't use a Lifetime ISA towards your first home. But, you can save in a LISA towards your retirement. Learn more about using your LISA towards your retirement.
Great, you can open a LISA today Learn more about using your LISA towards your new home.
Sorry you can't use a Lifetime ISA towards your first home costing more than £450,000 You can still save in a LISA towards your retirement Learn more about using your LISA towards your retirement.
It can only be used for one of those life events if you want to receive the government bonus.
Discover the rules that apply to you, and the steps you need to take to get started, with our individual guides for using a Lifetime ISA.
We've put together the things you need to know, if you're using your LISA toward buying your first home.
Using your LISA towards retirement? Here's what you need to know.
Our Award for Customer Service, one of our most coveted awards, recognises those providers who go above and beyond for their customers.
As one reviewer put it, Paragon offers ‘excellent service and very good interest rates’, and with accessible and easy applications and a dedicated and consistent customer support team to help when required, Paragon has been rightly recognised as the winner in this category.
Anna Bowes | Co-Founder of Savings Champion
In the first 12 months any withdrawals you make from your Lifetime ISA are subject to a 25% government charge.
After that you’re free to use your LISA savings towards your first home or your retirement without any penalties. If you withdraw from your LISA for any reason other than to buy your first home or for your retirement once you’ve reached 60, the amount you take out will be subject to the 25% government withdrawal charge. This means you could end up with less money than you originally put in.
This example does not include any interest earned.
Your LISA is also subject to a penalty if you transfer into a different type of ISA or any other account.
A Lifetime ISA is not a flexible ISA, so any savings you withdraw can’t be replaced in the same tax year without using your remaining annual LISA allowance.
You can have more than one LISA at a time, but can only pay into one in a tax year
You can transfer an existing LISA between providers. Make sure to arrange the transfer between your providers to avoid the government withdrawal charge
If you’re using a LISA to buy your fist home, you must be a first time buyer
You can’t have owned, or had a share in, a property in the UK or abroad
You can’t have inherited a property, or be the beneficiary of a trust that includes a property
For more detailed information about our Lifetime ISA, read our Guide to Lifetime ISAs
Whether you’re applying for a new Lifetime ISA or you’re looking to transfer an existing one, follow the next steps to start your application and start saving for your future.
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
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