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. If you don't currently have an account with us you can call us on 0344 8 920 920*. We are open 9am – 7pm Monday to Friday and 9am to 1pm Saturday.

*Calls may be recorded and monitored for training purposes. Call charges apply. These are dependent on your provider’s tariff and are likely to be more from mobile phones. For more information, please contact your provider.

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 2018/19 contribution limit.

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.

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?

Retirement product information

When can I withdraw my money for retirement?

You can withdraw money from your 60th birthday, however if you need to withdraw money before your 60th birthday and its not for a first time house purchase, a 25% government withdrawal charge will apply to the total amount withdrawn.

However, you can withdraw your money to purchase your first home, as long as your Lifetime ISA has been open for a minimum of 12 months since your first payment.

The potential withdrawal charge means that you could get back less than you paid in to your Lifetime ISA.

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

You can always withdraw money whenever you need to from a Lifetime ISA however you will incur a 25% government withdrawal charge – based on the amount you withdraw unless it is for a first time house purchase or you are over age 60. This may mean that you get back less than you put in.

If in the unfortunate event that you are diagnosed with a terminal illness, you will be able to withdraw your money without incurring any penalties. Confirmation of your terminal illness will be subject to verification from a medical practitioner.

More information about early withdrawal charges can be found within the terms and conditions.

Account information

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

Before opening your Lifetime ISA, please ensure you have read all the key documentation first. This can be found here on the main product page.

If you've read and agreed to all key documentation provided and wish to apply please proceed to the application page.

When you are applying for a Lifetime ISA with OneFamily, you will need to select which fund you'd like to invest in and confirm your payment method. You can choose to pay either via debit card, a direct debit or a transfer in of an existing Help To Buy ISA.

If you select a Help to Buy transfer you will be able to complete the application without details of the Help to Buy account but you'll need to provide these to us by post in order to proceed with the transfer.

To complete the application, you will need your National Insurance number. The application will take approximately 10 minutes.

As part of the application process, we need to verify your identity for fraud prevention and so we can comply with anti-money laundering legislation. We will let you know if you need to provide us with identification when you complete your application.

If you’re not ready to apply yet and want to find out more about a Lifetime ISA please visit our main Lifetime ISA landing page here »

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?

If you log in to your online account your dashboard will be able to tell you how much your Lifetime ISA is currently worth. Please note this is likely to change daily as the unit price of the funds will rise and fall in line with market conditions.

If your payment isn't showing in your account because you have just opened your account don’t panic. It’s likely we are waiting for the payment to be allocated to the selected funds, please allow a couple of days for this to be populated. If the payment is not showing after a few days or you have any queries, please send us a secure message using your online account so we can look into this further for you.

How much can I pay into a OneFamily Lifetime ISA?

Over the course of the current tax year you can pay in a maximum of £4,000 to your Lifetime ISA.

When opening a OneFamily Lifetime ISA we require you to set up a regular direct debit of £25 or alternatively, you can make a £250 lump sum payment.

The £4000 Lifetime ISA limit is part of your overall £20,000 ISA subscription limit that can be invested in a combination of ISA's in the current tax year. The government bonus (up to £1000 in this current tax year) will not count towards the £20,000 overall ISA limit or the £4000 Lifetime ISA limit.

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

As with most investment products there are some charges for the on-going maintenance of your Lifetime ISA. We always aim to keep these to a minimum. Currently there is a 1% annual management charge and an additional expenses charge of up to 0.3%. Please note charges may vary in the future.

For further information on charges, please refer to the key information documents and the Lifetime ISA Charges page.

How do I switch my fund choice?

How can I see my statements?

Payment information

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

Don’t worry, it’s normal not to see transactions instantly on your account. This could be because:

Units from within your account haven’t been allocated yet;
If you’ve transferred your Help to Buy ISA to us, we may not have received the payment from the other provider yet, or funds may not yet have been cleared.

The process for all funds to be cleared will take no more than four working days.

When will my funds be invested?

How can I set up a Direct Debit?

How can I set up a nominated account?

If you are withdrawing your money to purchase your first home this will be paid to the conveyancer. If, however, you are withdrawing funds and you are aged over 60, the money will be paid into the nominated account.

You can set up your nominated account online, by filling in the fields requested and submitting the form from within your online Lifetime ISA account.

If we cannot verify your nominated account online, we will require you to send us proof of your bank details. The acceptable items of proof are:

A statement, paper or online printout: the transactions can be blacked out. Must be dated within the last three months.
A letter from your bank. Must be dated within the last three months.
A cheque or paying in slip from their bank or building society. They should have crossed through the information and written ‘invalid’ on it.

When will the money be paid into my nominated account?

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

When we send bank details for Direct Debits or Nominated Accounts to your bank, there is only space for eight digit account numbers. The table below shows how to convert bank account numbers with ten, nine, seven or six digits into a standard eight digit number.

Account numbers with 10 digits

For National Westminster Bank plc account numbers, use the last eight digits only. Ignore any hyphens between the second and third numbers. For example:

0123456789 or 01-23456789
becomes
23456789

For Co-Operative Bank plc account numbers, use the first eight digits only. For example:

1234567890
becomes
12345678

Account numbers with 9 digits

For Santander accounts, replace the last digit of the sort code with the first digit of the account number, then use the last eight digits of the account number only. For example:

00-00-00
123456789
becomes
00-00-01
23456789

Account numbers with 7 digits

For account numbers with seven digits, prefix the account number with a zero (0). For example:

1234567
becomes
01234567

Account numbers with 6 digits

For account numbers with six digits, prefix the account number with two zeroes (00). For example:

123456
becomes
00123456

How can I claim my government bonus?

To claim the government bonus we submit your details to the HMRC*.

Occasionally the HMRC are unable to match the details provided, with the details they hold on file. This is usually because the details HMRC have for you (your name, National insurance number or date of birth) don’t match with the details on your Lifetime ISA.

If this happened we would let you know and you could continue to use your Lifetime ISA as normal. However, you would need to update your details before any government bonuses could be claimed.

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

The first thing to do would be to check the details on your lifetime ISA. You can do this by going to your ‘Personal Details’ page and checking your forename, surname, date of birth and National Insurance Number are correct. If you need to update any of these details, please send us a secure message. Just so you know we may need to see further documents before we can make any changes to your personal details.

If the details are correct on your Lifetime ISA, you’ll need to check the details held by HMRC. You can do this by:

Calling 0300 200 3300 (open 8am-8pm Monday – Friday, 8am-4pm Saturday and 9am-5pm Sunday)
Writing to

HM Revenue & Customs
BX9 1AS
United Kingdom

Setting up an account on www.gov.uk/personal-tax-account

You can also visit www.gov.uk/tell-hmrc-change-of-details for information on updating your personal details with HMRC.

Fund information

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

One fund is designed for shorter term investments, for example if you are saving for your first home, whereas the other fund choice is designed for longer term investments, such as retirement.

Our global mixed investment fund is designed for shorter term investments (5 years or more). Read the key information document here.
Our global equity investment fund is designed for longer term investments (10 years or more). Read the key information document here.

If you have taken out a Lifetime ISA with us and would like to switch your fund you can do this within the online account management portal.

More fund information can be found on the product page here >>

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

Withdrawing or closing your Lifetime ISA account

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?

Yes, you can transfer your product between providers. It’s important that you check with your new provider that they can facilitate transfers in from other Lifetime ISAs before opening your account.

If you wish to transfer out from OneFamily to a new provider, firstly please check with your new provider that they offer the facility to transfer the Lifetime ISA over. If so, then once we receive the request from the new provider we will carry out the transaction.

What happens if I decide to close my account?

If you decide to close your account during the 30 day cooling off period no withdrawal charges will apply.

However, if you choose to close your account after this date, not to purchase your first home or before you are aged 60, you will incur a 25% government withdrawal charge. This means you could get back less than was paid in.

Please note there are some other withdrawal exceptions which include terminal illness and death. You can find out more about what happens in those situations from within our terms and conditions.