Saving and investing app Moneybox today announced the launch of its new Cash Lifetime ISA powered by Investec, offering a market-leading rate of 1.25% AER variable.
The Lifetime ISA will be available within the Moneybox app and will offer first time buyers a 25% government bonus on all savings up to £4,000 per tax year, as well as Investec’s market-leading interest rate. The Cash Lifetime ISA is the second product Moneybox has launched with Investec, following the success of the 95 Day Notice Savings Account.
Moneybox launched its first Cash Lifetime ISA in July 2019. The product, powered by OakNorth Bank, has been extremely popular amongst the Moneybox community, and has already helped customers to buy over £100 million worth of property. Through Investec, Moneybox will be able to offer the Cash Lifetime ISA to even more customers.
From today, all new customers opening a Cash Lifetime ISA with Moneybox will use the account powered by Investec, whilst existing customers will stay with OakNorth Bank. Both new and existing customers will benefit from a market-leading rate of 1.25% AER variable. Moneybox will continue to work closely with both providers to ensure a best in class experience for customers who are saving for their first home.
The Lifetime ISA is designed to help first time buyers get on the property ladder. You can save up to £4,000 each tax year, and the government offers a 25% bonus on all savings. With the Help To Buy ISA coming to an end last year, the Lifetime ISA is now one of the only products available to help first time buyers, but overall awareness of the product remains low as few providers have chosen to offer it.
Moneybox is on a mission to help everyone save and invest for the future. Their award-winning app offers a range of saving and investing accounts to suit every need, whether customers are saving for their first home, a rainy day or even retirement. Customers can set money aside in the way that suits them best using regular deposits, one-off payments or the popular Moneybox round ups feature.
Investec is an international corporate and investment bank working with growth-orientated companies, institutions and private equity funds
Ben Stanway, Moneybox Co-Founder, commented: “It’s great to be working with the team at Investec to launch another product to help our customers save and invest for the future. The Lifetime ISA offers much-needed support to young people trying to get on the property ladder, and we’ve been overwhelmed with the positive response from customers to our existing Lifetime ISA. By working closely with Investec, we look forward to helping many more people save towards their first home and benefit from the fantastic government bonus available, as well as a market-leading rate.”