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  • FIRST POST
    • funna19
    • By funna19 7th Mar 18, 1:42 PM
    • 4Posts
    • 0Thanks
    funna19
    Should I wait for the New Tax Year to Open a LISA
    • #1
    • 7th Mar 18, 1:42 PM
    Should I wait for the New Tax Year to Open a LISA 7th Mar 18 at 1:42 PM
    I have a lump sum of 1,250 to start my LISA account with. I want to then pay 229.16p each month until it reaches the maximum 4,000. Is it better to open it now or wait until the new tax year in April 2018 to open it. I don't have the full 4,000 to put in straight away and don't want to miss out on the bonus if I open one now
Page 1
    • GavB79
    • By GavB79 7th Mar 18, 1:47 PM
    • 705 Posts
    • 611 Thanks
    GavB79
    • #2
    • 7th Mar 18, 1:47 PM
    • #2
    • 7th Mar 18, 1:47 PM
    You'll get the bonus on however much you deposit, so put the 1,250 in now and you'll get 312.50 bonus. You can then put another 4k in next tax year for a further 1k bonus. Even if you can't afford the full 4k, there's still no benefit in waiting.
    • aj23
    • By aj23 7th Mar 18, 4:00 PM
    • 506 Posts
    • 177 Thanks
    aj23
    • #3
    • 7th Mar 18, 4:00 PM
    • #3
    • 7th Mar 18, 4:00 PM
    No, anything you put in before 5 April 2018 will be boosted by 25% around end of April/May time. So it's 312.50 you could get which you wouldn't get with any other savings account so quickly. I'd put it in.

    On 6 April 2018, until 5 April 2019, you can add up to another 4,000. From 6 April 2018, the 25% bonus will be paid the following month of your deposit.
    • funna19
    • By funna19 9th Mar 18, 11:38 AM
    • 4 Posts
    • 0 Thanks
    funna19
    • #4
    • 9th Mar 18, 11:38 AM
    • #4
    • 9th Mar 18, 11:38 AM
    Thanks you all so much. I will get a move on with this
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