Newcastle Building Society launches latest ISA with 25% government boost

Newcastle Building Society has launched a cash Lifetime ISA.

The ISA will be available at a variable rate of 1.10 per cent Gross/AER.

The tax free lifetime individual savings account (LISA) aims to help first time buyers saving for a deposit on a home, and those saving for retirement, attracting a 25 per cent government bonus on amounts saved each tax year.

Customer director at Newcastle Building Society, Stuart Miller, said: “Helping people own their home and plan for the future is core to our Society purpose, and Lifetime ISA helps both these sets of savers.

“Encouraging and rewarding personal saving is an important step in addressing a culture of easy credit and consumer debt that has become prevalent and ultimately reduces the ability of individuals, couples and families to save and plan for their future.”

Customers who are interested in opening a LISA with Newcastle Building Society can open one online, starting from £1.

Stuart Miller added: “We understand how hard it is for people to save a deposit for a home and similarly, how saving early for retirement can make a material difference to financial security in later life.

“The 25 per cent government bonus could help people between 18 and 39 significantly add to their personal saving, with as much as £32k available to those who save the maximum amounts permitted.”

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