The Lifetime ISA bonus is calculated as 25% of each deposit that you put into the account. For example, if one month you deposit £1,000, your bonus will be calculated as £250 and then paid into your account from HMRC within four to nine weeks.
How much you could save depends on your age, the interest rate, how much you can afford, whether you’re saving for a house or retirement and how long you save for. Fill out the calculator below to get your estimate.
To use our Lifetime ISA savings calculator when saving for a mortgage simply enter your age, choose ‘first home’ from the drop down and decide whether you want to save monthly or annually. Then, add in how much you want to save each time and add in how long you want to save for. Our LISA savings calculator will calculate how much you’ll have in your pot from your savings, your 25% Government contribution and your final amount will include the interest that we’ll pay you based on our current rates.
If you’re saving for your retirement then the process is much the same. In the LISA calculator you just need to add your age, choose ‘retirement’ from the drop down and mention how often you’re saving and then how much. Then, tell the LISA retirement calculator when you plan to retire.
Your results will give you how many years you’ll have to save in your Lifetime ISA and a breakdown of your contribution, your Government bonus and the interest that we’ll pay you based on our current rates.
The Lifetime ISA bonus is calculated as 25% of each deposit that you put into the account. For example, if one month you deposit £1,000, your bonus will be calculated as £250 and then paid into your account from HMRC within four to nine weeks.
You can deposit up to £4,000 per tax year into a Lifetime ISA. If you wanted to break this down equally over a year and pay in the maximum, then you’d be paying £333 a month for 11 months with the last month’s payment being £337 to round it up to £4,000.
There isn’t a limit on monthly payments so if you wanted to deposit £2,000 in one month, this is also fine. As long as you don’t go over the £4,000 threshold per tax year there isn’t a limit on how much you can deposit.
The Beehive Money Lifetime ISA will earn you the 25% Government bonus plus we’ll pay you interest on top. Head to our savings page for the latest interest rate.
