You’ll be able to open a Help to Buy ISA until 30 November 2019. Beyond that date, if you have one, you can keep saving in it until 30 November 2029. You must claim your bonus by 1 December 2030.
| Lifetime ISA | Help to Buy ISA | |
|---|---|---|
| Age to open one | 18-39 | 16+ | Annual contribution limit | £4,000 | £2,400 |
| Contribution type | Any – lump sum or monthly | Monthly |
| Government bonus | 25% of contributions | 25% of contributions |
| Maximum bonus | £1,000 per year until you’re 50 | £3,000 total |
| Bonus paid | Annually for the first year of the scheme, monthly from April 2018 | When you buy your home |
| Earn interest/growth on bonus | Yes | No |
| Eligible ISA type | Cash or stocks and shares | Cash |
| Maximum property price | £450,000 | £450,000 in London, £250,000 everywhere else |
| Earliest withdrawal period to buy first home with bonus | After your Lifetime ISA has been open for one year | Once you’ve saved £1,600 |
| ‘Ineligible’ access penalty | A 25% government penalty on the total value of the withdrawal | None, you just don’t get the bonus |
No, we won’t be providing this service. Read our Help to Buy transfers FAQ
If you currently have a Help to Buy ISA you can continue to put money into it. You can transfer it to the Lifetime ISA (though not at Nutmeg), or you can choose to save into both — but you will only be able to use the bonus from one of them to buy your first property.
If you have a Help to Buy ISA, with certain providers (but not Nutmeg) you can choose to transfer your savings into a Lifetime ISA:
A Lifetime ISA may not be right for everyone
As with all investing, your capital is at risk. Tax rules may change in the future. If you are unsure if a Lifetime ISA is the right choice for you, please seek independent financial advice.