Just opened a LISA, one question...

weejodie

Hi, 
Could anyone please advise me on this. 

I have just opened a LISA, hoping to buy in the next 3-4 years. 

My question is, even though I have only just opened the account, if I deposit the £4000 now, will I get the £1000 bonus for this tax year in April? Or will I not be eligible for this tax year as the account has just opened? Will anything I deposit now not get any bonus until next tax year April 22? I would like to get the most out of this account as I’m not intending to have it for many many years. 

Thanks in advance for any help!

Alexland

Yes if you contribute the full allowance this tax year (beware some providers have an early end for final contributions and leave enough time for any unexpected issues) then you should get the bonus relating to this tax year paid early next tax (end of April or start of May) year and that won't prevent you earning bonuses in relation to contributions next tax year.

p.s. if you have already opened the account they probably required you to make an initial contribution (e.g. £1) so you might not have the full £4k allowance left this tax year. If you contribute even a penny too much providers can reject the entire contribution. If you are using a debit card on their website then they usually stop you doing this but if transfering money by bank transfer people get very upset when they see it rejected back to them a week or two later.