LISA Bonus - financial year or account opening date?
Discussion
Hi,
I have a Help to Buy LISA with a Building Society.
I have previously waited each new financial year to be past the date that I originally opened the account before throwing in the lump sum to get the LISA bonus. Is this actually based on the financial year? So say I opened the LISA in June, could I then put the next lump of money in during the following April / May and get the bonus then even though it's less than 12 months since opening the account?
Thanks!
I have a Help to Buy LISA with a Building Society.
I have previously waited each new financial year to be past the date that I originally opened the account before throwing in the lump sum to get the LISA bonus. Is this actually based on the financial year? So say I opened the LISA in June, could I then put the next lump of money in during the following April / May and get the bonus then even though it's less than 12 months since opening the account?
Thanks!
my daughter has a LISA,
she pays in monthly and then another 25% payment is added each month by the government.
You're allowed to invest a max of £4k a year into your LISA and the Government will contribute a further 25% of whatever you invest up to a max of £1k per year,
It doesn't matter when you make a deposit, they pay in when you do,
but the allowance is every tax year, so from April to April,
if you were to deposit the full £4k in June then you would have to wait till the start of the following tax year (6th April) before making another deposit,
you could of course deposit up to £8k in the same calendar year and receive £2k from the government by making a £4k deposit before April 5th so lets say sometime in March and then another £4k after April the 5th.
You would then obviously need to wait another year before making any more deposits.
she pays in monthly and then another 25% payment is added each month by the government.
You're allowed to invest a max of £4k a year into your LISA and the Government will contribute a further 25% of whatever you invest up to a max of £1k per year,
It doesn't matter when you make a deposit, they pay in when you do,
but the allowance is every tax year, so from April to April,
if you were to deposit the full £4k in June then you would have to wait till the start of the following tax year (6th April) before making another deposit,
you could of course deposit up to £8k in the same calendar year and receive £2k from the government by making a £4k deposit before April 5th so lets say sometime in March and then another £4k after April the 5th.
You would then obviously need to wait another year before making any more deposits.
As above,
Works like any other ISA except the 4k limit and the government bonus.
Because my skipton one has been cut to a whopping 0.35% interest, I leave it towards almost the last date in the tax year and dump in the £4k and a couple weeks later Mr Goverment will add £1k. I could in theory add another £4k now and get the 25% bonus for this year aswell but the money is more useful elsewhere at this point so il probably do the same this year again unless house buying time comes.
I may look at transferring to MoneyBox as that is the highest paying cash ISA at 0.85%.
Works like any other ISA except the 4k limit and the government bonus.
Because my skipton one has been cut to a whopping 0.35% interest, I leave it towards almost the last date in the tax year and dump in the £4k and a couple weeks later Mr Goverment will add £1k. I could in theory add another £4k now and get the 25% bonus for this year aswell but the money is more useful elsewhere at this point so il probably do the same this year again unless house buying time comes.
I may look at transferring to MoneyBox as that is the highest paying cash ISA at 0.85%.
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