Stupid LISA question

Apologies for the stupid question.

if my daughter opens a LISA today, will she get the bonus before the end of the tax year, or should she just wait?

thanks in advance
2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream

Comments

  • eskbanker
    eskbanker Posts: 30,746 Forumite
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    edited 17 March at 4:10PM
    For any payment into a LISA between 6 March and 5 April, the bonus would be added to the account in around late April or early May.

    Rather than waiting, it'll generally be worth using the 23/24 allowance and leaving open the possibility of another £4K in 24/25....
  • jonnydeppiwish!
    jonnydeppiwish! Posts: 1,188 Forumite
    First Post Mortgage-free Glee! Name Dropper First Anniversary
    eskbanker said:
    For any payment into a LISA between 6 March and 5 April, the bonus would be added to the account in around late April or early May.

    Rather than waiting, it'll generally be worth using the 23/24 allowance and leaving open the possibility of another £4K in 24/25....
    So if she puts £4k in now, the. £4k in May, would that results in £2k x 2? By ‘she’ I’m mean bank of mum and dad.

    thanks!
    2006 LBM £28,000+ in debt.
    2021 mortgage and debt free, working part time and living the dream
  • eskbanker
    eskbanker Posts: 30,746 Forumite
    First Anniversary Name Dropper Photogenic First Post
    eskbanker said:
    For any payment into a LISA between 6 March and 5 April, the bonus would be added to the account in around late April or early May.

    Rather than waiting, it'll generally be worth using the 23/24 allowance and leaving open the possibility of another £4K in 24/25....
    So if she puts £4k in now, the. £4k in May, would that results in £2k x 2? By ‘she’ I’m mean bank of mum and dad.

    thanks!
    £4K now and another £4K in 24/25 would result in £1K x 2!
  • badger09
    badger09 Posts: 11,190 Forumite
    First Post First Anniversary Name Dropper
    eskbanker said:
    For any payment into a LISA between 6 March and 5 April, the bonus would be added to the account in around late April or early May.

    Rather than waiting, it'll generally be worth using the 23/24 allowance and leaving open the possibility of another £4K in 24/25....
    So if she puts £4k in now, the. £4k in May, would that results in £2k x 2? By ‘she’ I’m mean bank of mum and dad.

    thanks!
    Huh? Where does £2k x 2 come from?

    If she pays £4k in now, £1k bonus will be added around end of April. 
    If she pays in another £4k on or shortly after 6 April, another £1k will get added about 6 weeks later. 


  • gravel_2
    gravel_2 Posts: 108 Forumite
    First Post Combo Breaker First Anniversary
    Possibly you are mixing up the bonus with an interest rate, which is separate. The bonus is paid ONCE on the amounts you deposit. There isn't a 25% bonus every year on the total balance.

    As above, to get the most you should deposit 4k now and another 4k sometime during 24/25.
  • jonnydeppiwish!
    jonnydeppiwish! Posts: 1,188 Forumite
    First Post Mortgage-free Glee! Name Dropper First Anniversary
    Sorry, meant £1kx2.  Thanks for your great responses!
    2006 LBM £28,000+ in debt.
    2021 mortgage and debt free, working part time and living the dream
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