When is LISA interest/bonus paid?

CLove11

Hello all!

First post here! LOVE the forum, what an active and kind community!

I feel this question is very straight forward but wanted clarification. I have a LISA with Moneybox. Am I right in thinking; Firstly interest paid monthly/weekly whichever it is, secondly, the 25% bonus is paid immediately/end of the month or is it end of the year?

So say tomorrow I maxed out contribution via one payment (£4000), would I then get the full bonus (£1000) by the end of the month and be able to use those funds (including the full bonus, of £1000) via the correct method towards a property as a first time buyer? Or would I have to keep the monies in account for a full year in order to have entitlement to the bonus!

Many thanks and Happy Easter!

Chris

eskbanker

LISA bonuses are paid based on monthly claim periods, which run from the 6th of one month to the 5th of the next, after which it takes roughly 28 days, so if you pay in tomorrow then you'd expect the bonus by about the end of April or maybe very early May, but one day later and the bonus would be end of May.

However, penalty-free access to the money is only possible from a year after you opened the account....

grumiofoundation

CLove11 said:

Hello all!

First post here! LOVE the forum, what an active and kind community!

I feel this question is very straight forward but wanted clarification. I have a LISA with Moneybox. Am I right in thinking; Firstly interest paid monthly/weekly whichever it is, secondly, the 25% bonus is paid immediately/end of the month or is it end of the year?

So say tomorrow I maxed out contribution via one payment (£4000), would I then get the full bonus (£1000) by the end of the month and be able to use those funds (including the full bonus, of £1000) via the correct method towards a property as a first time buyer? Or would I have to keep the monies in account for a full year in order to have entitlement to the bonus!

Many thanks and Happy Easter!

Chris

When did you open the LISA account?

CLove11

Opened it in May of last year!

Thank you eskbanker for the info. I imagine my thought process is correct and with your questions RE when I opened it, I should be in an OK position? 

Chris