Important: The Lifetime ISA is currently accessible only to users who have signed up on the waitlist. It will be gradually rolled out to all users over the coming weeks.
Age
You must be between the ages of 18 and 39 to open a Lifetime ISA. This means you can open an account once you reach the age of 18, but before you reach the age of 40. Once you open your Lifetime ISA account, you can keep making contributions (deposits) until the age of 50. After this age, you will not be able to make new deposits, but your money will keep growing until you decide to withdraw.
The age limit aligns with the dual purpose of the Lifetime ISA: to help younger individuals save for their first home or supplement their retirement savings. By restricting contributions to those under 50, the government encourages people to start saving earlier in life, particularly for long-term goals like home ownership or retirement.
If you are over 40 and already hold a Lifetime ISA with another provider, you can transfer-in your LISA account to Plum. *Keep in mind that the transfers of Lifetime ISAs into Plum are currently not available.
If you’re over 40 and looking to save for retirement, other options, such as traditional pensions or ISAs, may be more suitable.
Country
The Lifetime ISA product is available only for UK residents. As per our availability article, due to some legal restrictions, we are not able to provide our services (including the Lifetme ISA) in the following areas:
Jersey
Isle of Man
Guernsey