A grand total of zero banks and building societies have opted to take up the Government\u2019s new Lifetime ISA (LISA) cash accounts on the day of their launch, it has emerged.<\/p>\n
The LISA is aimed at pension savers and first-time buyers, but banks say they have not been given enough details or time to prepare.<\/p>\n
The LISA also received criticism earlier this year, after it emerged that withdrawing cash for anything other than its intended purposes will result in the account holder losing money.<\/p>\n
Just three providers said they will launch the stocks and shares version of the LISA this month.<\/p>\n
The cash version allows holders to deposit up to \u00a34,000 each year, in which the Government will add a 25 per cent top-up.<\/p>\n
The cash can only be withdrawn when the account holder turns 60, or when it is used to purchase a first home. Withdrawing early will incur a 25 per cent penalty.<\/p>\n
Hannah Maundrell, editor-in-chief of Money.co.uk, said: \u201cIt’s a bit of a damp squib as there are no cash Lisas yet confirmed for launch.<\/p>\n
\u201cYet again the government has promised consumers the chance of a shiny new savings vehicle without consulting with the industry on how and when they can deliver it.\u201d<\/p>\n
In December last year, Nationwide announced that it would not offer LISAs because they were \u201ctoo complicated\u201d.<\/p>\n
It added that it would continue with the help-to-buy ISA instead.<\/p>\n","protected":false},"excerpt":{"rendered":"
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