Best LISA at the moment

kenzie123

Hi - I'm looking into opening a LISA - not for a First time buy but to put into until I am of age to take money from it - I believe this is aged 60?
I don't know a huge amount about LISA's other than the max. amount is £4k and you get 25% interest back on this.
Can I check - is that 25% applicable on the lifespan of the account? So if I contributed the maximum each year, I'd get 25% compound interest each year?
Does it matter which bank / building society I go with if the interest rate is the same everywhere?
Is the 25% interest amount likely to change over the next few years?
Do people mostly recommend a LISA or is contributing to a pension more important?
Many thanks in advance 

eskbanker

https://www.moneysavingexpert.com/savings/lifetime-isas/ explains the scheme, lists 'best buy' providers and offers a comparison with pensions.

When you've read it, you should understand that the 25% is a one-off bonus paid on each contribution, not an annual interest rate....

Edit: if you're under 40 (which you need to be to open one) and won't be accessing the money until 60+, then it makes far more sense to open a S&S LISA rather than a cash one, as the latter is likely to lose value to inflation over the long term.