Lifetime ISA
Take advantage of a 25% Government Bonus added to any money you save in a Lifetime ISA towards purchasing your first home. Capital at risk.
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The benefits of a Lifetime ISA
A Lifetime ISA is designed to help you save towards purchasing your first home and/or for later in life. The Government will add a 25% bonus to the money you contribute into the Lifetime ISA. Each tax year you can save up to £4,000 meaning the Government could add up to £1,000 each year.
So if you are aged 18-39 and are looking to take your first step onto the property ladder by yourself or with a partner - or are wanting to save for later on in life - why not invest with Foresters Financial, with savings starting from as little as £20. We help make investing easy and offer a professionally managed fund in which the experts at Schroders make investment decisions on your behalf with a risk-controlled approach.
You become a member
By saving with us, you become a member and join a mutual organisation whose Purpose is to enrich family and community well-being. You will have access to a range of exclusive benefits, such as volunteer grants, member discounts and will writing – just to name a few! Take a look at the member benefits
Save towards your first home
You can use your Lifetime ISA towards purchasing a first home worth up to £450,000 in the UK. You and a partner (if eligible) can both have a separate Lifetime ISA and combine your savings to purchase a first home together; if you both saved £4,000 each tax year for five years, together you would get an additional £10,000 from the Government - making it easier to get onto the property ladder.
You need to have the Lifetime ISA for at least 12 months before using it towards purchasing your first home and we recommend that you invest for at least five years - start saving for your first home today.
Setting up a Lifetime ISA is easy and can be done online in minutes - all you need to do is have your details and bank card at the ready.
Save for later on in life
The Lifetime ISA can also be used to save for later on in life. So if you don't want to save towards a first home, or do not want to use all of your Lifetime ISA towards purchasing your first home, you can continue to contribute up to age 50, and the Government will continue to add the 25% bonus. You can access this money anytime after age 60.
That means that if you start saving from age 18 and continue to contribute the maximum up to the age of 50, up to a further £33,000 would be added from the Government. The savings can be encashed tax-free any time after your 60th birthday.
By saving into a Lifetime ISA instead of a workplace pension, you could lose the benefit of employer contributions and the value could affect any entitlement to means tested benefits.
Important documents
Our ISA
Our ISA is the only ISA on the market which gives you flexibility of combining a Lifetime ISA and Stocks and Shares ISA under one Plan. Therefore if eligible and you would like to save for a first home or later on in life, you can open the Lifetime ISA element as part of your Foresters ISA Plan too. Your overall ISA allowance is £20,000, of which no more than £4,000 can be invested in the Lifetime ISA element. This means you can save for a rainy day or something exciting in your Stocks and Shares ISA element, while also saving for a first home and/or later on in life in the Lifetime ISA element.
Flexible business to suit you
We offer a range of flexible ways for you to do business with us and contribute to your ISA, including online, over the phone, face-to-face or by video appointment. The choice is yours.
You can view your ISA online by simply activating your MyPlans account. With MyPlans you can make payments online, view your Plan value, see the fund performance, investment information, reduce paper and more. To activate your account, all you need is your Plan number and details at the ready.
We are also proud to offer a personal financial planning service either through face-to-face or video appointments, where one of our Financial Advisers can discuss your options at your convenience. As they are paid directly there is no charge for any advice given.
A Lifetime ISA must be held for at least 12 months before using it towards the purchase of a first home. By saving into a Lifetime ISA instead of a workplace pension, you could lose the benefit of employer contributions and the value could affect any entitlement to means tested benefits. If you make an encashment before age 60, other than to purchase your first home, you will pay a government penalty of 25% on the encashment amount, and you may get back less than you paid in. Tax treatment depends on individual circumstances and may be subject to change. As with all stock market investments the value of your ISA can fall as well as rise.
Guide to ISAs
ISAs are an excellent way of saving. But did you know you have a choice of five ISAs suitable from Lifetime ISAs to Junior ISAs. Take a look for more information.
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Foresters is not just a financial services organisation, our Purpose is to enrich family and community well-being. Helping is who we are, and it’s been so since the very beginning, since 1874.