[Feature Request 🔧] Lifetime ISA (LISA) 👶🏻👵🏾

Not everyone can afford to save £4k of post-tax income every year though. For someone making the median salary (£25,971), it’s quite possible that after paying all their regular outgoings, they may only be able to save £50 or £100 a month. For those people, LISA gives them the timeframe to save for a house with a decent bonus and a high likelihood of being profitable on a sensible S&S portfolio.

2 Likes

Hi - are there any further updates on this? I’ve been using the platform since the start of the 2022 tax year and, for me, it is the feature I am most looking forward to. Thanks

1 Like

This is quite an interesting thread. I strongly encourage people considering LISAs to read the whole thread. LISAs aren’t necessarily the right investment wrapper for most people. You need to think about what you are using the LISA for. It seems like a great deal “HMRC gives me 25% for nothing”.

But as far back as 2019 @zain was warning [Feature Request 🔧] Lifetime ISA (LISA) 👶🏻👵🏾 - #38 by zain. Alse see [Feature Request 🔧] Lifetime ISA (LISA) 👶🏻👵🏾 - #67 by Vlad. And those on a student loan might be really surprised [Feature Request 🔧] Lifetime ISA (LISA) 👶🏻👵🏾 - #74 by zain.

tl;dr don’t be seduced by the 1K headline bonus of a LISA. It is not just the constraints and the penalties. Think carefully, why you are putting money in and you might be amazed by how much more money you could get as a top up from the HMRC depending on your circumstances and on your personal purpose for having the LISA. And do remember that if you decide you want to move your LISA anywhere else you might be surprised how few platforms (even those that provide LISAs) accept LISA transfers.

5 Likes

image

You can’t make me use punctuation so don’t even try.

5 Likes

Any update on when this will be available?

1 Like

Still waiting for this… currently looking to move my LISA, come on Freetrade!

If you do, please can you make sure it accepts LISA transfers for those over the age of 40…

Seems a gap in the market at the moment - if you’re over 40 years old, you have very limited options for a transfer to a different provider!

3 Likes

I’d recommend giving up. This Feature Request is nearly 5 years old.

I’ve been waiting since not long after joining Freetrade and ended up opening a LISA with AJ Hell.

Even if Freetrade bother to create a LISA account, like you say, the transfer options even amongst established providers are extremely poor. I wouldn’t expect Freetrade to become a market leader with transfer options.

Sadly, it’s probably best to look elsewhere for anything/everything related to LISAs and JISA (and SIPPS that support employee contributions etc).

7 Likes

5 years wow

2 Likes

I still live in hope! :crossed_fingers:

Yuno it free in Moneybox if you go for a Cash one

Any opinions here on the best/ cheapest stocks and shares LISA?

I was saving for a home in a moneybox cash LISA but London prices and buying with someone else meant I couldn’t use it. Now looking to invest it and just leave it (probably won’t add to it). So looking for something with cheap fees and ideally reasonable mobile app?

Less than 5 years worth of max contributions in it.

Dodl may be the cheapest but it has a limited range of investments.

Hopefully, a FT Lisa will finally land in the new tax year.

Hargreaves Lansdown?

I cashed out my old LISA during the pandemic when the fee was waived to cover some bills. I’m looking to open a new one this tax year. Hopefully FT can deliver by next April :crossed_fingers: otherwise will have to look elsewhere. The girlfriend needs one too.

I saw in the crowdfunding that this is coming soon. Any details?

Supposed to be coming until the end of the year, but to be honest, I wouldn’t be waiting for it to be available in FT to open one. Just create one elsewhere and move it when it becomes available. To have a more realistic expectation, before LISAs, they will release JISAs.

2 Likes

Bump, Any updates @acamp ?

2 Likes

bumpty bump any updates? @acamp

Given up with this and joined hl for my daughter

1 Like

Agreed it’d would be really cool if Freetrades would add LISAs.

I opened one with Dodl and while thier fees are low, the £1 minimum for account balances under 8k is kinda sucky.

That said Dodl is run by AJ Bell who are very established much like Hargreaves Pounds down.

If it was all under one roof, I might consider transferring this ACC to freetrade as I’d be paying on flat plus fee for all the services.

It’s the same reason I don’t go to invest engine Wil my SIPP. Sure the fees might be lower, but I’d pay 2 whole sets of fees which on an overall basis would actually be more expensive.

Also it would boost Freetrades AUA over the long run.

1 Like