Lifetime ISA Frequently asked questions

See below for some common questions about our Lifetime ISA. If you have a question that isn't answered here, please contact us by secure message from within your online account.

General product information

What is a Lifetime ISA?

A Lifetime ISA is an individual savings account, designed for those aged between 18 and 39 to save towards the purchase of their first home or towards retirement.

You can invest up to £4,000, in this current tax year (subject to contributions into other types of ISAs)
The Government tops up the money invested with a bonus of 25%, up to £1,000 per year, based on the current rules
There are two types of Lifetime ISA - cash or stocks and shares. OneFamily only offer a stocks and shares Lifetime ISA

You can find out more about Lifetime ISA’s in general here »

Can I open a Lifetime ISA?

To open a Lifetime ISA you must:

Be aged between 18-39.
Be a UK resident or be a Crown employee serving overseas and paid out of public revenue (or be married or in a civil partnership with such an employee).

You must not:

Be a US Citizen (including dual nationals)
Hold a Lifetime ISA that you have made contributions into in the current tax year.

To find out more about if you are eligible, please use our interactive online tool »

What types of Lifetime ISA are available?

What is the difference between a cash Lifetime ISA and stocks and shares Lifetime ISA?

A cash Lifetime ISA is generally aimed at shorter term savings as cash offers security but may not offer the same potential for growth over the long term as stocks and shares would. As interest rates for cash savings might not exceed the rate of inflation the value can be eroded over time. Although stocks and shares can offer greater potential for growth over the long term than cash, the value can fall as well as rise and it's possible you could get back less than is paid in.

For our own stocks and shares Lifetime ISA we suggest a five-year minimum term of investment. If you are looking to purchase your first home within the next five years, a cash Lifetime ISA is probably more appropriate.

If you'd like to find out more about the difference between a cash and stocks and shares Lifetime ISA click here »

Can I have multiple Lifetime ISAs?

What’s the maximum I can contribute to a Lifetime ISA?

First-time buyer product information

Can we open a joint Lifetime ISA?

Can I transfer my Help to Buy ISA into a Lifetime ISA?

Yes, you can transfer your Help to Buy ISA balance into our OneFamily Lifetime ISA. Please remember - any transferred funds will count towards the Lifetime ISA contribution limit in the current tax year.

You must have your Lifetime ISA in place for a minimum of 12 months before using the money to purchase your first home. As ours is a stocks and shares ISA the value can fall as well as rise so you could get back less than is paid in.

If you’re looking to transfer your Help to Buy ISA to a Lifetime ISA, you will need to read all key documentation and open your Lifetime ISA account online. When you're ready to request the transfer, print the transfer form, complete and send to us using our freepost address: FREEPOST LIFETIME ISA. If you already have a Lifetime ISA with us, you will also find a link to this document from within the 'my documents' section of your online account.

Can I have a Help to Buy ISA and a Lifetime ISA?

House purchase information

What do I need to do to enable the use of my Lifetime ISA for a house purchase?

When you’ve had an offer on a property accepted and have appointed your registered conveyancer you’re ready to use the funds towards your first house purchase. To do this there are two forms to complete; an Investor Declaration Form and a Conveyancer Declaration Form, both forms include instructions for completion.

Once we receive the completed forms from your Conveyancer we will give you a quick call to confirm your instructions and receipt of the forms. We can then work with your Conveyancer to get the funds sent across to them as soon as possible.

Lifetime ISA Frequently asked questions

What is a Lifetime ISA?

Can I open a Lifetime ISA?

What types of Lifetime ISA are available?

What is the difference between a cash Lifetime ISA and stocks and shares Lifetime ISA?

Can I have multiple Lifetime ISAs?

What’s the maximum I can contribute to a Lifetime ISA?

Can we open a joint Lifetime ISA?

Can I transfer my Help to Buy ISA into a Lifetime ISA?

Can I have a Help to Buy ISA and a Lifetime ISA?

What do I need to do to enable the use of my Lifetime ISA for a house purchase?

Can I use the bonus from my Lifetime ISA for my deposit?

Who should I contact at the different stages of the process?

What happens if I want to take more money during the house purchase?

How long do I have to complete my house purchase?

What happens if I have a bonus payment due at the time of the house purchase?

If I have money left over in my Lifetime ISA after my house purchase has completed, can I still access it?

After my house purchase has completed, can I continue to save for my retirement?

What happens if the house purchase falls through?

What happens if I change my mind?

When can I withdraw my money for retirement?

What can I do if I need to withdraw some money before I’m 60?

How do I open a Lifetime ISA and what will I need?

Can I apply for a Lifetime ISA as a Power of Attorney?

How can I manage my Lifetime ISA?

How can I find out the value of my Lifetime ISA?

How much can I pay into a OneFamily Lifetime ISA?

How much does it cost to have a Lifetime ISA with OneFamily?

How do I switch my fund choice?

How can I see my statements?

Why can’t I see any transactions on my account?

When will my funds be invested?

How can I set up a Direct Debit?

How can I set up a nominated account?

When will the money be paid into my nominated account?

How do I convert my bank account number to eight digits?

How can I claim my government bonus?

What do I do if HMRC can’t match my details?

What is the difference between the two Lifetime ISA fund options?

How can I see how my Lifetime ISA fund is performing?

How can I cancel or close my Lifetime ISA?

When can I withdraw money from my Lifetime ISA?

Can I transfer to another Lifetime ISA provider?

What happens if I decide to close my account?

What are the government withdrawal charges?

Can I withdraw some of my Lifetime ISA investment but keep the rest in?