ISA

Skipton Building Society will launch the UK's first cash Lifetime ISA on Thursday. It'll offer an annual interest rate of just 0.5% – but crucially if you use one to save, you'll also get a 25% state bonus when you buy a home or turn 60.

The launch tomorrow of the new LISA (Lifetime ISA) looks like it's going to be a damp squib, with only a few providers offering them. Yet don't ignore it. After all, £1,000 of annual free cash is nowt to be sneezed at - and for first-time buyers, delay could cost.

Skipton Building Society has become the first provider to announce it will offer a cash Lifetime ISA - but you won't be able to get one until June.

Anyone who opens a Lifetime ISA after the new savings scheme launches next month will be given additional warnings about the potential pitfalls at the point of sale, the Financial Conduct Authority said today.

Savers can earn a tempting 4.7% tax-free on a five-year innovative finance ISA (IFISA) following the launch of the first product by a major peer-to-peer lender. However, it's important you're aware of the risks before investing your hard-earned cash.

Savers using the new Lifetime ISA (LISA) won't be charged the 25% penalty for withdrawing money which isn't put towards a first home or retirement in the first year of the scheme, the Government has announced.

Anyone wanting to open a Lifetime ISA will be first made fully aware of how the product works and how much it will cost to make early withdrawals, under proposals by the financial regulator.

The Government is to push ahead with the launch of the Lifetime ISA in April 2017 – despite speculation it could have been axed after George Osborne was replaced as Chancellor.

If the interest rate on your easy access savings account or ISA falls you could soon be sent an email or text alert, under plans set out by the financial regulator.