Anyone opened a lifetime ISA?

[IMMY77]

I'm turning 40 next month, so have a few weeks to decide whether or not to bother with opening a lifetime isa. Has anybody done so, and who did you go with?

[gavsw20]

Yep, in exactly the same boat as you as I'm 40 in mid June.

I went with Nutmeg for the following reasons: -
- It's free to exit. So when the high-street banks offer a LISA I can move without penalty
- Minimum starting deposit is low at £100
- Robo-investments means I set my risk level and don't have to do anymore
- They have an excellent iOS app which means I can check balance / deposit* whenever I like

*Nutmeg don't currently have the ability to deposit money on their app but the functionality will be available soon and certainly before tax year end. As soon as it's available I will add in the additional money as I'm just saving it in my current account for now.

I took mine out three weeks ago as I wanted to get one set up ahead of 40th and also before the next election incase it gets scrapped / changed. I've earnt 1.45% interest which isn't bad too on a mixed portfolio in such a short timeframe.

People will say that it's more cost effective to pump more into your pension, but at least with this you have the ability to access your savings (less the gvnmt 25%) should you need too at any point.

I'm quite looking forward to taking £50k out on it on my 60th and investing in something.

[IMMY77]

Many thanks for that, had a look at the website. Was most helpful.

[Ashtennisguru]

I did mine with Hargreaves Lansdown, who I have my other investments with. I've already maxed out my company pension, so a LISA seems like a decent next step.