No other banks or building societies currently have plans to follow Skipton Building Society's lead and launch a cash Lifetime ISA, MoneySavingExpert.com has found.
Skipton today became the first provider to introduce a cash Lifetime ISA (LISA), offering an annual interest rate of 0.5%. The LISA can be opened with just £1, and crucially if you use one to save you'll get a 25% state bonus to help with buying your first home or retirement.
Yet despite significant interest in the new cash LISA, banks and building societies have proved reluctant to offer them. The only other LISAs currently available are stocks & shares LISAs which come with added risk – the likes of Hargreaves Lansdown, Nutmeg and the Share Centre offer these.
We've called 30 other banks and building societies to check if they have any plans to offer a cash LISA:
- 26 providers told us they're not planning to launch one. They are Atom Bank, Bank of Cyprus, Bank of Scotland, Cambridge Building Society, Clydesdale Bank, Co-op, Coventry Building Society, Family Building Society, Halifax, Leeds Building Society, Lloyds Bank, Metro Bank, Nationwide, NatWest, Newcastle Building Society, NS&I, Paragon Bank, Post Office Money, RBS, Sainsbury's Bank, Santander, Tesco Bank, Triodos Bank, TSB, Yorkshire Bank and Yorkshire Building Society.
- Four providers told us they're "continuing to work through the details of the product". This suggests there are no imminent plans but they haven't ruled it out. Barclays, First Direct, HSBC and Virgin Money fall into this category.