OneFamily
5 min read

OneFamily enters Lifetime ISA market

Posted in: Products

  • OneFamily is launching a simple, customer-friendly, stocks and shares Lifetime ISA.
  • The Lifetime ISA is simple to open and use, with the choice of two funds and gives customers quick and easy access to the free 25% bonus paid by the Government
  • Annual management charge of 1%, making it cost effective
  • A OneFamily Lifetime ISA can be opened online with as little as £25 per month or with a £250 lump sum
  • Customers can transfer their Help to Buy ISAs into a OneFamily Lifetime ISA

The OneFamily Lifetime ISA has an affordable entry point of just £25 a month or a £250 lump sum, making it easy for first-time buyers and those saving for retirement to access the free 25% bonus from the Government. For every £1,000 saved the Government will add an additional bonus of £250, up to £1,000 per year. OneFamily customers will additionally benefit from investment returns as the product will be invested in stocks and shares.

Following an easy and simple, online sign up process, OneFamily Lifetime ISA customers can monitor their savings, increase or decrease contribution levels, switch between investment funds and transfer money in from a Help to Buy ISA all online.

The OneFamily Lifetime ISA has an annual management charge of 1% making it easy to understand, calculate and track.

The OneFamily Lifetime ISA has two investment funds that customers can choose, depending on their saving goals, which they can switch between at any time should their circumstances change. Customers can choose to have their savings invested mostly in corporate bonds through one of the funds, and the other fund will be mostly invested in shares.

Nici Audhlam-Gardiner, Managing Director of Lifetime ISAs said:

“We are delighted to be entering the Lifetime ISA market. Our Lifetime ISA provides much needed additional help for 18-39 year olds, who, with the increase in the cost of living and stagnant wages, are finding it harder to save for their first home or for retirement.

“OneFamily has a long history of providing effective savings products and our insight shows that around half of all 18–39 year olds will consider taking out a Lifetime ISA. We have created an incredibly easy to use product, with a low annual management charge; and a simple choice of two funds, to match customers’ savings time horizon. Opening online takes 10 minutes, and can be done via a mobile phone.

“With a OneFamily Lifetime ISA, savings are invested in stocks and shares which over the longer-term are proven to outperform cash. This, along with the Government bonus, means it’s a very compelling offer.”

The Lifetime ISA is for 18-39 year olds, to help first-time buyers saving to get on the property ladder and those saving towards retirement. Consumers can save up to £4,000 a year until the age of 50. Every tax year the government will add a 25% bonus to the money paid in, up to £1,000.

Any Lifetime ISA savings will contribute to the overall £20,000 yearly ISA limit. Savers will be able to contribute to one Lifetime ISA in each tax year, as well as a cash ISA, a stocks and shares ISA, or an innovative finance ISA.

For more information on the OneFamily Lifetime ISA visit: https://onefamily.com/lifetime-isa/