To start saving in a Lifetime ISA, you need to open a Lifetime ISA account first. To do this, please follow the steps below:
Step 1: Select the Pockets category in the app.
Step 2: Tap on the Lifetime ISA tile.
Step 3: Check the information and press Open a Lifetime ISA at the bottom of the screen.
Step 4: You will be asked whether it’s the first time you open a Lifetime ISA.
If this is your first Lifetime ISA, press Yes and proceed to Step 5.
If you have a Lifetime ISA with another provider, press No and proceed to Step 4.1.
Step 4.1: You will be asked if you have made any contributions this tax year to your other Lifetime ISA account.
If you have made contributions to another Lifetime ISA for this tax year, press Yes. In this case, you are not able to create a new Lifetime ISA with Plum, but you will still be able to transfer your existing Lifetime ISA account into Plum.
If you haven’t made any contributions to any other Lifetime ISAs for this tax year, press No and proceed to Step 5.
Step 5: We will ask for some necessary personal information, including your National Insurance Number.
Step 6: HMRC will check your details and will let us know if we can proceed with the creation of your Lifetime ISA account. (For more details, please check here)
Step 7: You need to review and agree with some necessary legal documentation.
Step 8: You will be asked to confirm your details and provide some relevant documentation. (This step is optional if you have already verified your account.)
Step 9: A deposit must be made for the activation of your Lifetime ISA account. This will also be checked by HMRC and they will let us know if we can proceed with the activation of your account. (For more details, please check here)
Step 10: Your Lifetime ISA account should be set up.