LISA 25% bonus withdrawal rules/regs

eskbanker

epm-84 said:

Alexland said:

The bonus is added into the account a month or two after each contribution. There is usually a penalty for withdrawal before age 60 with the exception that the solicitor can make a penalty free withdrawal (of all or some of the money) once the account has been open 12 months from the initial contribution for a qualifying property purchase.

I find the bonus is usually the last week of the month following the one where you pay in e.g. paying in on 1st April would mean the bonus is paid on the last week of May.

The LISA bonuses are based on a monthly cycle but it runs from the 6th of one month to the 5th of the next, rather than calendar months, with payment due within 28 days of the end of the cycle.

So any contribution between 6 March and 5 April (i.e. including 1 April) should get the bonus by late April or early May, but any later in April wouldn't receive the bonus until late May or early June.

Alexland

epm-84 said:

I find the bonus is usually the last week of the month following the one where you pay in e.g. paying in on 1st April would mean the bonus is paid on the last week of May.

I tend to simplify it as "a month or two after each contribution" rather than explaining each time in full that "the LISA manager identifies the total value of all contributions between the 6th of the previous month and the 5th of the current month and then makes a claim which takes a few weeks to process and allocate into the LISA accounts so you should expect it towards the end of that month or beginning of the next as some LISA managers are quicker than others".