Newcastle Building Society launches top cash Lifetime ISA - MSE News

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Former_MSE_Rosie Posts: 105 Forumite
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Newcastle Building Society has launched a market-leading cash Lifetime ISA – making it only the third provider to offer this type of savings account, which offers a 25% bonus towards buying your first home or retirement...
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'Newcastle Building Society launches top cash Lifetime ISA'
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Comments

  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    Offering 0.1% more than I have with Skipton won't be enough to tempt me to transfer it to Newcastle (when they allow it), even on my balance of £15k. Had it been 1.25% or 1.5%, then yeah, I'd consider it, as it's worth my time to move it. Offering 1.1% when the others offer 1% seems a bit feeble in an attempt to presumably tempt people to transfer.
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    aj23 wrote: »
    Offering 0.1% more than I have with Skipton won't be enough to tempt me to transfer it to Newcastle (when they allow it), even on my balance of £15k. Had it been 1.25% or 1.5%, then yeah, I'd consider it, as it's worth my time to move it. Offering 1.1% when the others offer 1% seems a bit feeble in an attempt to presumably tempt people to transfer.


    Except they are not currently offering transfers....
    Thinking critically since 1996....
  • VT82
    VT82 Posts: 1,079 Forumite
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    aj23 wrote: »
    Offering 1.1% when the others offer 1% seems a bit feeble in an attempt to presumably tempt people to transfer.
    It's not been priced to tempt people to transfer. It doesn't even accept transfers yet. It has been priced to be best buy so it appears top of the searches for which LISA to open. If 1.1% is enough for that, why would they pay more, especially when the interest rate is quite incidental seeing as the vast majority of any investment return is paid by the Government?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    VT82 wrote: »
    It's not been priced to tempt people to transfer. It doesn't even accept transfers yet. It has been priced to be best buy so it appears top of the searches for which LISA to open.

    Competition is increasing in the savings maket. That's the important factor. Lenders are now starting to require retail deposits. A healthy sign. Incremements maybe small but heading in the right direction. As providers previously shunned this product as no need to offer it.
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    VT82 wrote: »
    It's not been priced to tempt people to transfer. It doesn't even accept transfers yet. It has been priced to be best buy so it appears top of the searches for which LISA to open. If 1.1% is enough for that, why would they pay more, especially when the interest rate is quite incidental seeing as the vast majority of any investment return is paid by the Government?

    Please re-read what I said, you seemed to miss the "(when they allow it)" part.
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    somethingcorporate wrote: »
    Except they are not currently offering transfers....

    Please re-read what I said, you seemed to miss the "(when they allow it)" part.
  • VT82
    VT82 Posts: 1,079 Forumite
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    aj23 wrote: »
    Please re-read what I said, you seemed to miss the "(when they allow it)" part.
    By which time there is an unlimited number of outcomes in terms of how many other providers there will be offering LISAs, what their rates will be, what Bank Rate will be, whether or not the product even still exists...
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    VT82 wrote: »
    By which time there is an unlimited number of outcomes in terms of how many other providers there will be offering LISAs, what their rates will be, what Bank Rate will be, whether or not the product even still exists...

    Yes, but doesn't change that I did say 'when they allow it' when you checked me.
  • binaryuniverse
    binaryuniverse Posts: 906 Forumite
    First Anniversary First Post
    Hopefully this'll force a Skipton response. Even more so if they decide to allow transfers.
  • Ed-1
    Ed-1 Posts: 3,888 Forumite
    First Anniversary Name Dropper First Post
    binaryuniverse wrote: »
    Hopefully this'll force a Skipton response. Even more so if they decide to allow transfers.

    I doubt Skipton will respond without a base rate rise. The order could shift when that happens depending on which providers pass on the full base rate rise.
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