Lisa providers- is reputation more important than interest %

therocpd

Hi all, 
So I was looking at opening a LISA, like this week, (putting in 4k for this tax year and then another over the next financial year from April) 
The best rates seems to be moneybox at 0.85% and Nottingham BS at 0.8%
I was a bit nervous about moneybox so looked up trust pilot and a lot of the 1 star reviews (11%) seem to be with LISA
So I checked out Nottingham BS because they offer free mortgage broker and it was even more 1 star reviews (47%)
So I checked out the few others that offer cash LISA
Newcastle BS had 69% 1 star reviews
But Skipton BS had 5% 1 star reviews and 76% 5 star reviews

My parents have used Skipton BS before (they live in Skipton) and always have had great things to say about them. but they offer the lowest interest at 0.1%

With the intrest rates so crap, I worked out at best I would get about 60ish quid interest with the best, and £7 with the lowest
Would you say is worth losing out on 50 quid (in what is planned to be 15k deposit) for going with a place with better reviews

eskbanker

Personally I wouldn't be swayed by Trustpilot review percentages when selecting financial institutions (or anything else), although might have a cursory look at the actual comments made to see if there was anything there that looked significant or relevant to what I wanted to use them for....

Albermarle

A relative took out LISA with Nottingham BS with no problem . Only be aware it can take a couple of days for your payment to appear in your account .

grumiofoundation

As above I wouldn’t put a huge amount of faith in trustpilot reviews

A lot of the 1 start reviews of Moneybox appear to be people complaining that their investments haven’t performed as they want. I perps ally enjoyed the reviewer that was apoplectic with rage that the LISA was a government SCAM to make people save ! 

If it helps have had a moneybox cash LISA for a few years, and recently used for house purchase and had no issues at any point (although I also wouldn’t suggest putting a lot of faith in one strangers review on an Internet forum so not sure if this is any help....). 

Alexland

If you are saving up for your first home every penny counts so given they are all reasonably competent then I would go for the highest rate. You might find you change provider a few times to get a better interest rate before you buy a property anyway. The contribution allowance work on tax years (starting on 6th April) rather than financial years.