Skipton Building Society has become the first provider to announce it will offer a cash Lifetime ISA - but you won't be able to get one until June.

Lifetime ISAs (also known as 'LISAs') officially launch on 6 April and are open to those aged 18-39. They'll allow you to save up to 4,000 a year, with a 25% state bonus paid either when you complete the purchase of a property worth up to 450,000, or when the account holder turns 60. (For full info see our Lifetime ISA guide.)

A handful of providers - including Hargreaves Landsown, Nutmeg and the Share Centre - have already said they'll be launching a stocks and shares LISA, but until today no firm had committed to providing a cash LISA.

Big banks including Barclays, Santander and TSB have all confirmed they won't be offering any LISAs, while others including Lloyds Banking Group and HSBC have told MoneySavingExpert.com they're awaiting final LISA rules.

Skipton Building Society's Lifetime ISA will launch in June. The exact date, plus full details such as minimum deposits and how you can open and manage it, will be announced in due course.

Kris Brewster, head of products at Skipton BS, said: "It's only right we offer our members a range of savings options so they have the choice of which best suits their own needs. As a mutual, offering a Lifetime ISA to help people save for their own home and future is the right thing to do."

What's the difference between a cash LISA and a stocks and shares LISA?

In a cash LISA, you put the money into the equivalent of a savings account. Your capital (the sum you put in) is safe and you get a defined amount of interest on top.

With a stocks and shares LISA, the money is invested in stocks and shares or shares funds, and performance depends on how well (or badly) the shares or funds you've invested in do. So the money you put in is at risk, but if it does well you can make substantially more.

Martin Lewis
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