Lisa bonus

lemonpopsicle

We gave our eldest money towards a deposit on his first home, we obviously would like to do the same for our youngest. We're wondering if we give him £4k to put into a Lisa how long it has to be in to earn the 1k bonus? Presumably too late for this financial year? Thanks

400ixl

The bonus is applied within a month of the deposit being made, there is a restriction on the money being used though of 12 months from the account being open.

If you can open one and deposit one before the end of the financial year then that will be classes as money for this year FY24/25 and then you could deposit more for FY25/26 once the new year starts.

lemonpopsicle

400ixl said:

The bonus is applied within a month of the deposit being made, there is a restriction on the money being used though of 12 months from the account being open.

If you can open one and deposit one before the end of the financial year then that will be classes as money for this year FY24/25 and then you could deposit more for FY25/26 once the new year starts.

So, just to check, if he opens one today with £4k he will get £1k bonus added (within a month) ? 

eskbanker

lemonpopsicle said:

400ixl said:

The bonus is applied within a month of the deposit being made, there is a restriction on the money being used though of 12 months from the account being open.

If you can open one and deposit one before the end of the financial year then that will be classes as money for this year FY24/25 and then you could deposit more for FY25/26 once the new year starts.

So, just to check, if he opens one today with £4k he will get £1k bonus added (within a month) ? 

Yes, if a deposit is completed by Saturday, the bonus will be added to the account in late April or early May.

saajan_12

Which financial year only matters for the limits - so if you wanted to give more than £4k, then by getting the first £4k in by 5 April means you can deposit another £4k soon thereafter in the new financial year. 

It doesn't matter for the bonus payment, which is always about a month after the deposit. 

The other time consideration is son has to have the ISA open for 1 year before using the money to buy a property. I'd guess that's to make it more akin to saving over a period of time rather than passing money swiftly through accounts to get a bonus. 

eskbanker

400ixl said:

The bonus is applied within a month of the deposit being made

saajan_12 said:

It doesn't matter for the bonus payment, which is always about a month after the deposit. 

Just to manage expectations, the bonus claim process operates on a monthly cycle, so it's anywhere between one month and two months from deposit, depending on when that deposit is made.

As above, a deposit by this Saturday would result in a bonus being added in late April or early May, but if depositing on the Sunday then it wouldn't arrive until late May or early June.