I did the same, AJ Bells iPhone app is actually really good, too!
Come on Freetrade, I’m running out of life one day at a time to invest in a Lifetime ISA! Please don’t make me go to another, lesser provider.
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Free trade please add LISA feature. It really sucks to go to some other provider for LISA when I hold my Stocks and Shares ISA with you. Atleast for the next fiscal year starting 6th Apr 2020, could you please provide LISA.
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Good description. The important bit is that £40k is not the total contribution by you and employer but the growth. It can be breached eg if you are finally salary pension and you get a raise of a few thousand pounds. Also if your taxable income is over £110K, the 40K starts to reduce and becomes 10K at 150k taxable annual income. Many people are actually actively trying to reduce any increase in their pension growth and for them LISA is porbably the next best option.
Couldn’t find anything going back on the posts, but has FreeTrade ever said anything confirming that offering a Lifetime ISA is indeed in the company’s plans? If so, any idea when can we expect it?
No immediate plans as far as I can see.
Not surprised by this but I think it will bounce back quite well.
Don’t forget to vote at the top
+1000000000000
So many people are forced to set up LISA’s with HL because no one else mainstream offers it.
Seems an absolute no brainer for me!
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I think it makes total sense, and when you combine with features like Auto Investment, it becomes even more compelling from a customer perspective. If you’re in the market for a LISA, you might also be interested in other products that FT has to offer, driving further engagement.
If executed and marketed properly this will give the likes of MoneyBox a real run for their money, who at last count a few months ago had something like 250k clients. Given their model, I would expect a significant proportion to be ‘active’ by virtue having money taken out by DD. This should be a really easy win for :freetrade: in terms of driving the sort of KPIs that matter to investors; active clients, stickiness, and AUA.
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I wish more people voted to show FT we’re serious. If they did this I’d move over from Nutmeg in a heart beat!
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Similar here! But from Moneybox
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I agree FT could have a very big impact here. Once they have fractionals on ETFs they could offer generic pre-built portfolios.
I think they would have to bundle LISAs in the ISA subscription though. Otherwise it might not seem competitive. I think nutmeg has a fee of 0.45%, which would be £22.50 based on 1 full years sub + bonus.
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It might be worth it after you max investment ISA, employer pension match and are debt free OR if you are planning to buy a house that is cheaper than 450k.
Otherwise withdrawal age of 65 makes it fairly low priority for me.
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Child free and living in the north of England… I could buy a street!
Seriously though, if FT don’t offer a LISA before the end of this tax year - and preferably during the upcoming crash (just a prediction) so that I can buy in at the bottom, then I’m going to have to open my LISA with another provider and I really don’t want to.
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I really want them to launch it too - but I’ve never seen anything from them about it so don’t have my hopes up
The problem with 0.45% is that although it sounds cheap, it becomes incredibly expensive as your investment grows. So I’d happily pay the £3/pm for a LISA, even if it was separate from the ISA! (so say £6/pm for both, or say £5/pm for both under Alpha).
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Sorry to be that guy, but the withdrawal age is 60. Just making it clear in case some people get turned off because of this statement.
What’s great is that LISAs might have a better withdrawal age by the time you retire, especially if you’re quite young; the pension minimum withdrawal age may will likely exceed 60 by the time you retire (it’s 55 right now, but is reviewed periodically, typically with upward movements).
Totally agree that the tax relief and employer contribution trmp the 25% topup in most cases!
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Yeah, it’s the first time buyer aspect which is the most appealing and what I and many others likely use it for. For most people a pension will beat a LISA - very rarely the other way. But MoneySavingExpert has a great breakdown/explanation for when this applies.
So when saving for your first home, unless you can predict the markets or get incredibly lucky, you’re not going to get the guarantee of 25% elsewhere.
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And you can withdraw the money early if you are terminally ill.
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