For planning our future

Lifetime ISA made easy

Invest towards your first home or retirement with a 25% government
bonus - that's an extra £1,000 for every £4,000 you save.

Find out more

Lifetime ISA Am I eligible? Why OneFamily Fund choices Apply

  • 25% government bonus on the money you invest

  • Available to 18-39 year olds

  • Apply and manage your Lifetime ISA online

  • Open with a £25 Direct Debit or £250 lump sum payment

What is a Lifetime ISA?

A Lifetime ISA in an individual savings account (ISA) designed to help towards buying your first home or retirement... or both!

  • Available to 18-39 year olds. You can continue to pay in until your 50th birthday.
  • Invest up to the current tax year limit of £4,000.
  • Receive a 25% Government bonus into your Lifetime ISA calculated based on the amount you pay in.
  • There are two types of Lifetime ISAs available - Cash or stocks and shares. OneFamily only offer a stocks and shares Lifetime ISA
  • Withdrawals can be made towards the purchase of your first home based in the UK, or for your retirement at age 60.

Withdrawals for other reasons than to purchase your first home or after you reach the age of 60 will be subject to a 25% government withdrawal charge.

Tax advantages depend on individual circumstances and may change in the future. The value of stocks and shares can fall as well as rise, so you could get back less than was paid in.

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Am I eligible?

You're 4 steps from applying

Am I eligible for a Lifetime ISA?

Quickly check if you're eligible for a Lifetime ISA by answering the few questions below. After using this tool, if you're interested in taking out a Lifetime ISA with OneFamily please ensure you've read all of our key documentation before continuing.

First of all, are you aged between 18 and 39 and a UK resident?
Great! Next, how are you planning to use your Lifetime ISA?

Based on the current government rules Lifetime ISAs are only available to UK residents aged between 18 and 39.

OneFamily offers a wide variety of other products that might be of interest to you.

Explore our products
Is your first home going to cost less than £450,000?
What is your employment status?

As you're currently employed, you probably have a workplace pension and your employer is therefore likely to make contributions on your behalf. Some employers also match contributions so you may want to consider saving towards your retirement this way.

You can still use a Lifetime ISA if you have a pension, this could be useful for people who have contributed their maximum pension allowance each year, or if you have reached the lifetime allowance for your pension fund.

You should also keep in mind:
  • The £4,000 Lifetime ISA contribution makes up part of your annual ISA allowance.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase of your first home, or retirement at age 60.
  • If you choose to apply for a Lifetime ISA with OneFamily, you are investing in a stocks and shares Lifetime ISA, which means your capital is at risk and you could get back less than you have paid in.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

If you're self-employed, you may have a personal pension or other arrangement and be able to save towards your retirement this way. However, you could still take out a Lifetime ISA if you're interested in benefiting from the 25% government bonus. It may also be useful if you're contributed the maximum annual amount to your pension or you have reached the lifetime allowance for your pension fund.

You should also keep in mind:
  • The £4,000 Lifetime ISA contribution makes up part of your annual ISA allowance.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase of your first home, or retirement at age 60.
  • If you choose to apply for a Lifetime ISA with OneFamily, you are investing in a stocks and shares Lifetime ISA, which means your capital is at risk and you could get back less than you have paid in.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

If you're not employed, you won't currently have a workplace pension in place and you won't be benefiting from employer-matched contributions. You can still contribute £3,600 each year to a personal pension.

Both a pension and a Lifetime ISA may be an option for you, and you could contribute to either or both.

You should also keep in mind:
  • The £4,000 Lifetime ISA contribution makes up part of your annual ISA allowance.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase of your first home, or retirement at age 60.
  • If you choose to apply for a Lifetime ISA with OneFamily, you are investing in a stocks and shares Lifetime ISA, which means your capital is at risk and you could get back less than you have paid in.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

I am years old

and I can pay per month

into a stocks and shares Lifetime ISA.

Retirement

When you reach 60
£90,000
Your contributions
£22,500
Government bonuses
Your Lifetime ISA could be worth
£111,197
5% annual growth
£55,377
2% annual growth
£231,007
8% annual growth

This illustration assumes you will have invested £4,000 at the start of each tax year, for a minimum of five years.

Remember the government rules mean that you can only use a Lifetime ISA for either a first home house purchase or for use at your retirement, aged 60.

If you need to access the money before purchasing your first home or before you are 60, there will be a 25% government withdrawal charge on the amount withdrawn.

Based on the current government rules Lifetime ISAs can only be used to purchase homes less than £450,000.

If you'd like to find our more about Lifetime ISAs please click on the button below.

Find out more
And lastly, are you planning on buying your first home within the next five years?
It looks like you are eligible for a Lifetime ISA.

However, as our stocks and shares Lifetime ISA is designed for a minimum saving term of at least 5 years you should consider whether this product is right for you.

There are also a few eligibility rules you should be aware of:
  • Your Lifetime ISA must be open for a minimum of 12 months before you can use the money for the purchase of your first home.
  • The property you purchase must be in the UK and must be your main residence (it can't be bought for a buy-to-let purposes).
  • You will need to purchase your first home using a mortgage.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

If you'd like to find out more about cash vs stocks and shares Lifetime ISA please click on the button below.

Find out more
It looks like you could be eligible for a Lifetime ISA.

Before considering your options, there are a few additional eligibility rules you should be aware of:

  • Your Lifetime ISA must be open for a minimum of 12 months before you use the money for the purchase of your first home.
  • The property you purchase must be based in the UK and must be your main residence (it can't be bought for buy-to-let purposes).
  • You will purchase your first home using a mortgage.
You should also keep in mind:
  • The £4,000 Lifetime ISA contribution limit makes up part of your annual ISA allowance.
  • There is a 25% government withdrawal charge if you make any withdrawals that aren't for the purchase your first home, or retirement at age 60.
  • If you choose to apply for a Lifetime ISA with OneFamily, you are investing in a stocks and shares Lifetime ISA, which means your capital is at risk and you could get back less than you paid in.
  • If you're unsure if a Lifetime ISA is right for you, please seek independent financial advice before applying.

I can pay per month

into a stocks and shares Lifetime ISA.

First home

Buying in years
£18,000
Your contributions
£4,500
Government bonuses
Your Lifetime ISA could be worth
£21,838
5% annual growth
£20,231
2% annual growth
£23,612
8% annual growth

This illustration assumes you will have invested £4,000 at the start of each tax year for a minimum of five years.

Remember the government rules mean that you can only use a Lifetime ISA for either a first home house purchase or for the use of your retirement, aged 60.

If you need to access the money before purchasing your first home or before you are 60, there will be a 25% government withdrawal charge on the amount withdrawn.

Start again

Things to consider. Whatever you're saving towards, there are a few things you should consider before taking out a Lifetime ISA.

  • Any money you withdraw before you're 60, that is not for the purchase of your first home, will be subject to a 25% government withdrawal charge on total amount withdrawn.
  • If you decide to pay into a Lifetime ISA instead of a workplace pension you could miss out on valuable employer contributions.
  • Money in a Lifetime ISA could affect your entitlement to means tested benefits.

If you're not sure a Lifetime ISA is right for you, please contact an independent financial adviser.

About our Lifetime ISA

You're 3 steps from applying

Why choose a Lifetime ISA from OneFamily?

Being bombarded with dozens of fund options and complex charges can be confusing. That's why the OneFamily Lifetime ISA makes investing for your future as simple as possible.

  • We have two funds to choose from - a fund designed for the short term (at least 5 years) and one for longer term saving (at least 10 years).
  • Switch funds anytime, free of charge.
  • A simple 1% Annual Management Charge. An additional fund expenses charge of up to 0.3% also applies. Please refer to the product documents for details of other potential charges.
  • Easy to apply and manage online - at your fingertips 24/7

Before applying, it's important that you read the Lifetime ISA Important Information and Terms and Conditions documents to ensure you fully understand our product and whether it's right for you.

The OneFamily Lifetime ISA invests in stocks and shares. As with any investment, the value of money invested into a stocks and shares Lifetime ISA can fall as well as rise, meaning you could get back less than is paid in.

Why stocks and shares?

Here at OneFamily we offer a Stocks and Shares Lifetime ISA, so it has the potential for greater growth than cash accounts over the long term.

Stocks and shares are usually considered a good option if investing over the longer term as it helps even out fluctuations in the stock market and provides good growth potential.

However, this comes with a degree of risk. The value of stocks and shares can go down as well as up. Whilst this is normal for stocks and shares it does mean that you could get back less than you paid in.

How we invest your money

You're 2 steps from applying

How we invest your money

When you apply for a OneFamily Lifetime ISA, you'll be given a simple choice of two funds. Just pick the one that best suits your needs. Don't worry if your goals change in the future, as you can switch funds at any time.

Global Equity Fund

This fund could be the right choice for you if you have a longer term saving goal and are happy to accept more risk for a greater potential returns.

Investment
term

10+ years

Potential
returns

Higher

Risk
level

Higher

To fully understand your fund please read:

Key Information document

Global Mixed Investment Fund

This fund could be the right choice for you if you have a shorter term saving goal so prefer to accept less risk.

Investment
term

5+ years

Potential
returns

Lower

Risk
level

Lower

To fully understand your fund please read:

Key Information document

Get a Lifetime ISA

You're 1 step from applying

Apply online

Ready to open a Lifetime ISA? Please read the relevant documents before applying.
By clicking apply and starting the application you confirm you have read, and agree to, the terms and conditions and relevant Lifetime ISA documents.

Important documents

Lifetime ISA Important Information

Lifetime ISA Terms and Conditions

Global Mixed Investment Fund Key Information document

Global Equity Fund Key Information document

 

Apply for a Lifetime ISA

Or call the team for more information

0344 8 920 920

Open 9am-7pm Mon-Fri, 9am-1pm Sat

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Lifetime ISA FAQs

Still have questions? See all our FAQs »