It would be great to get it here, and I assume bring a large amount of cash with it
3 Likes
Nearly a 1000 on average last month and thatās before the top up
My current LISA is with Nutmeg and its performance since mid 2018 when I first opened the account is a poultry +9%. For comparison my portfolio on FT is +90% since March 2019 when I first started investing myself. 
Iād love to move to a more performant provider and if I know Freetrade are working on it then Iāll gladly wait until its released. I fear I could be waiting awhile for that to happen 
1 Like
Those Skipton numbers in the Times adticle donāt make much sense to me.
If you can deposit up to a maximum of Ā£4000 a year then that is Ā£333 a month on average, and many accounts will be nowhere near maximums, so average should be Ā£100-300 a month. Ā£900 a month? Iād be interested to see how they got to those numbers.
That would mean most of their clients just whack in the full Ā£4k towards the beginning of the tax year and then start stacking elsewhere for the rest of the year. That conflicts with my understanding of the average first time buyer trying to save a deposit, but could be true I guess with many funneling bank of mum and dad cash in to get the bonuses.
Anywayā¦ another thumbs up for LISAs! Last time I asked about a year ago Freetrade said they have no plans, wasnāt even on their roadmap. Any updates Iāve missed since then?
1 Like
Remember LISAs arenāt just for buying houses, theyāre for retirement funds tooā¦ and yeah, thatās exactly what wealthy families do.
Itās bizarre to me that this country is so obsessed with means testing so many things that help those on lower incomes, that it also calls social security/welfare ābenefitsā (aināt no benefit to being poor dawg), that the government will spend a disproportionate amount of money chasing minor welfare scammers/accidental claimantsā¦//deep breath// but then when it comes to something like this, itās government policy that everyone from the poorest (who canāt afford to save anyway) to the richest (who just max it out and grab the benefits) are allowed to take advantage of the scheme and itās insanely generous taxpayer funded top ups.
3 Likes
I really wanted to wait until 2021 to nudge this post but I canāt help myselfā¦
Do the Freetrade Team think that LISAs will be in place and ready for the next tax year or should we be thinking longer term than that?
2 Likes
Do many providers support transfers? That seems to be the issue for me, so mine just sits in a Cash LISA
Whats your thought between a SIPP and LISA for retirement? Are there any other benefits over presumably avoiding the cap on pensions?
Sorry, Iām totally the wrong person to ask. Iām an idiot and a poor one.
The only reason I have a LISA is because I finally thought āscrew itā, and that if people are content with voting for this sort of policy (or not voting at all) then I might as well exploit it and them by letting taxpayers give me Ā£1000 a year to inflate the housing marketā¦ sorryā¦ ranting.
Aside from the 3 figure sum I have in Freetrade to play around with, the LISA amount = my only savings, so Iāve really got no idea of it versus a SIPP.
1 Like
Myself and my partner just cashed in our LISAs for our first home. When speaking to the building societies, they explained we could keep the LISA accounts open and continue to save money in the accounts for retirement funds.
So just a PSA, if you use it for a first house deposit. Donāt close it after - keep it open and use it for retirement too! Just ask the company managing it for you to leave Ā£1 in the account
5 Likes
Wow, I didnāt know that! Eesh, itās even more of a scam on the poor lot who canāt afford to save a single penny and who would be better/more needy beneficiaries of taxpayer/government assistance.
Ah well. Whilst itās there I might as well use it. Thanks for the great heads up and welcome to the board!
You have the same view as me, i think its a stupid account, but so long as it exists id be an idiot not to take advantage of it especially as im using it for a deposit.
What i dont know is if i can preserve the āopen for 1 yearā rule if you transfer or if that resets for a new account.
Iāll keep this in mind.
I still dont know what extra benefits there is to the account except two things i think
- if youāre rich and will go over the 1~ million pension limit
- if you want to take money out early (60), since i believe it has the same ISA rules, no tax going out but you get the top up from the government. Limited though to 30k~ max savings
2 Likes
Also it can be used as a supplement if you reach the Ā£40k yearly pension contribution cap
So Freetrade has finally confirmed earlier today that they will finally be doing a LISA! 
ā¦eventually 
!
2 Likes
The year is 2073, Freetrade did said LISAs are coming, just not when. We wait patiently for that glorious day to come.
1 Like
LISA will very rarely beat a pension in any case, so definitely go for a SIPP. Look at MSEās guide for more details about the pros and cons.
Its no good if its after I retire!
It would be good to know the honest reason why Freetrade donāt see this as very important.
Granted I donāt know much on the topic, but I would have thought a LISA would have been good for attracting customers of their target audience (young millennials looking to save)
1 Like
As far as im aware S&S LISAs are one of the most undersubscribed.
A pension is technically better overall, ISAs are a thing, and most people using LISAs are doing so for a house and the timeframe for most of those people are far to short for anyone to sensibly recommend a S&S LISA.
It will be useful when it comesā¦ but there are far better things to focus on in the short term
2 Likes
Are there any sources for either of wild these claims? Iām a very happy stocks and shares LISA user* having started it this year and am doing very well in terms of market growth on top of the stupidly generous government bonus.
*except for the misery of being an AJ Bell customer.
3 Likes
anecdotal literature. Most advertising and information pivots LISAs for first time home buyers, youāre the only person i know whos not using a LISA for a home 
the age limit for starting one as well shifts the weighting to younger people as well making it more likely to be used for first time buyers. And saving for deposits the general advice for investments is usually suggesting 5 years minimum (right or wrong) i think youād be hard pushed to see a company suggesting someone open a S&S LISA for a house deposit where your only going to save in it for a few years.
Thats not to say it cant be used for retirement, i plan not to close mine when i buy a house and then transfer it to a S&S LISA.
Iāve heard this often from many cows, they all hold your misery