Newcastle BS launches Lifetime ISA

Until August, Skipton was the only lender to offer a cash Lifetime ISA, until Nottingham Building Society announced its plans to enter the market.

Customer director at Newcastle Building Society, Stuart Miller, said: “We know how difficult it is for many people to save up enough of a deposit to allow them to own their own home. Similarly the importance of planning your finances ahead of retirement has never been more important. That is why Newcastle Building Society wants to be able to offer a Lifetime ISA.

“Saving the maximum with a Lifetime ISA could mean people between 18 and 39 could earn as much as £32,000 as a free Government bonus to put towards their first home or their retirement.

“We hope that Government will continue with Lifetime ISAs and provide consistent and long term support to those who are saving for a home or planning for future retirement.”