Skipton Building Society  

Skipton to launch Lisa in June

Skipton to launch Lisa in June

Skipton Building Society will offer a Lifetime Isa from June this year, two months after the legislation for the product goes live.

Skipton claimed its decision made it the first high street provider to commit to offering the controversial savings product.

It is also the first provider to commit to offering a cash-only Lisa.

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Other providers that will offer a product - including Hargreaves Lansdown, The Share Centre, Scottish Friendly and True Potential - will offer stocks and shares Lisas.

Announced in March 2016 during George Osborne's last Budget as chancellor, the Lisa allows people aged less than 40 to save up £4,000 a year, plus a 20 per cent government bonus, to go towards either a first home or their retirement.

Kris Brewster, head of products at Skipton, said the Lisa "could be a real shot in the arm for people wanting to get on the housing ladder.

"Never before have we seen a savings account that gives such a boost to people saving up to buy their first home."

Appearing to answer the many critics of the Lisa - who claim the product will encourage people to opt-out of auto-enrolment and leave them without meaningful retirement savings - Mr Brewster said the building society had a duty to offer the product.

"As a mutual, offering a Lifetime Isa to help people save for their own home and future is the right thing to do.

"It’s only right we offer our members a range of savings options so they have the choice of which best suits their own needs," he said.

Skipton customers will be able to open a Skipton Lisa between the ages of 18 and 39.

The building society said it would make more details available nearer the launch date.