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Lifetime ISA (LISA)

Save for your first home or retirement with a Lifetime ISA and receive a 25% bonus from the Government on top of the current interest rate.

What you need to know about the Lifetime ISA

  • You can open a Lifetime ISA if you’re aged 18 to 39, and save up to £4,000 tax-free each year, up to and including the day before your 50th birthday. To make sure you don’t miss out because of the age limit, initial funds must be deposited at least 14 days before your 40th birthday. You will also need to make sure any initial funds are deposited in the account before your birthday.
  • Your personal records must be up to date with HMRC or we may be unable to process your application in time.
  • The Government will award a bonus of 25% annually (up to a limit of £1,000 each year) until you reach your 50th birthday
  • Both the Government bonus and interest added to a Lifetime ISA are tax free. Please note that tax rules may change
  • Your £4,000 Lifetime ISA allowance forms part of your overall £20,000 annual ISA allowance
  • For every £4 you save, you receive a £1 Government bonus – you can then use this money to put towards your first home or your retirement
  • If you pay in your full allowance each year between the ages of 18 and 49, you can gain a total bonus of up to £32,000
  • You can withdraw from your Lifetime ISA after 12 months from your first payment in to buy your first residential home with a purchase price of up to £450,000
  • For any other withdrawals before the age of 60 a 25% government withdrawal charge applies, meaning you’d get back less than you paid in. Read more about withdrawal charges in the Additional Information section below.

Find out more in our Lifetime ISA Frequently Asked Questions.

Interest rate (AER)
Min/Max amount
£1 - max annual allowance
See product page

Suitable for savers who:

  • live, work or study in Bath, or are an existing savings or mortgage customer who has held a Bath Building Society account for at least the last 12 months
  • are 18-39 years old
  • are first time buyers looking to purchase a residential home in the UK up to £450,000
  • want to save for their retirement from 60 years onwards
  • want to manage the account online, via the Mobile App, by phone, or in our Branches

Not for savers who:

  • have owned a home before
  • want to buy a home worth more than £450,000
  • want to save for a house and buy within the next 12 months
  • intend to buy a house without a residential mortgage
  • are saving for retirement and want to access funds before you reach 60 years old
  • have invested or plan to invest in a Lifetime ISA from another provider
  • are looking for easy access to their money
  • want to use the money in the account for something other than buying your first home or saving for retirement

Is this product right for you?

Please read the Key Product Information below before applying

  • What is the interest rate?
    • £1+ 3.79% AER*.
    • We calculate the interest daily and pay it annually on 31st December. Interest can be added to your account or paid to your nominated account.
    • *AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and compounded once each year. The gross rate is the interest rate payable before tax.
  • Can Bath Building Society change the interest rate?
    • The interest rate is variable, so it can go up or down at any time.
    • For more details about why we might change the rate, you should read your Welcome to your Bath Building Society Account brochure.


  • What would the estimated balance be after 12 months based on a £1,000 deposit?


    • This would be the balance after 12 months if £1,000 was paid in, all interest was paid back into the account, there was no change to the interest rate and no money was taken out or paid in.
    • ISA means Individual Savings Account. When you pay money into your ISA, you subscribe to your ISA. Your payments are called subscriptions. As it is tax free, you get to keep all your interest.
    • The government will pay a 25% bonus on your subscriptions each tax year. This is not included in the figure above.  For more information about the bonus please check section G of the Key Product Information (KPI) when you apply online. 
    • This is just an example to help you compare accounts. It does not take into account what you may do with the money in your account.
  • How do I open and manage my account?
    • You must live, work or study in Bath, or be an existing savings or mortgage customer who has held a Bath Building Society account for at least the last 12 months.
    • You must live in the UK to open this account or be a Crown Employee serving overseas. You can also open this account if you are in a marriage or civil partnership with a Crown Employee. You can open it with as little as £1.
    • This account can only be opened by you. You cannot have a joint account.
    • This is a Cash Lifetime ISA. You can only subscribe up to the maximum ISA allowance each tax year. The overall ISA allowance for 2024/2025 is £4,000.
    • Your subscriptions can be split between Cash ISAs and Stocks and Shares ISAs up to the overall ISA allowance. We do not offer Stocks and Shares ISAs.
    • You can pay into your Lifetime ISA each year before your 50th birthday.
    • You can open an account on our website or by visiting one of our Branches in Bath. You cannot transfer your existing Lifetime ISA into this account.
    • If you change your mind, you can let us know to close the account. You must let us know within 30 days of your first payment. If this happens, you will not have to pay the 25% charge and you can open another Lifetime ISA in the same tax year.
    • You can manage the accounts you hold with us through Bath Online, or by using our Mobile App. You can register for Bath Online on our website, and you can register for the Mobile App on your smartphone.
    • Account holder identification will be required. This is usually obtained through our electronic identity verification service. However, if this proves inconclusive, here’s some popular ways to verify your ID.
  • Can I withdraw money?
    • This is an instant access account.
    • If you take out money before you are 60 years old but are not buying your first home, *there is a charge for 25% of the amount you withdraw.
    • You can take out money whenever you wish in a Branch, up to a maximum of £500 without telling us first. If you tell us first, you can withdraw up to £2,000 the next day. *There may be a charge for 25% of the amount you withdraw.
    • You can withdraw by cheque from one of our Branches in Bath. There is no limit to how much you can withdraw. *There may be a charge for 25% of the amount you withdraw.
    • You can also ask us to make a faster payment to your nominated account. This can be done on Bath Online, through the Mobile App, or in a Branch. You can also send us a signed letter in the post, or an email from your nominated email address. *There may be a charge for 25% of the amount you withdraw.
    • This is not a flexible ISA. If you take money out of your account, it does not change the subscription limit. For example, if you put £2,000 in this account and take out £1,000, you can only put in another £2,000.
    • You can transfer previous tax year subscriptions to another ISA provider. After you speak to your new ISA provider, they will let us know so we can make the transfer.
    • *For all withdrawals, there may be a charge for 25% of the amount you withdraw. For more information about why you may get back less you than you pay in please check sections A & B of the Key Product Information (KPI) when you apply online. 


  • Additional information
    • You cannot open another Lifetime ISA after you are 40 years old. You will need to keep at least £1 in your account after this age to keep your Lifetime ISA account open.
    • The Lifetime ISA is a government savings scheme. It may change in the future.
    • This account allows for Additional Permitted Subscriptions (APS). This means that if a customer with an ISA dies, their spouse or civil partner can apply to use their allowance. You can find out more by talking to our Customer Support Department.
    • This account is protected by the Financial Services Compensation Scheme (FSCS). You should read your FSCS Information and Exclusions sheet for more information about how your money is protected.
    • This account is a savings account, not a payment account as outlined in the Payment Services Regulation 2017.
    • You should read the following information to fully understand how your account works: Welcome to your Bath Building Society Account brochure, Lifetime ISA Terms and Conditions, Lifetime ISA Information Sheet and Lifetime ISA Declaration.
    • We can close an account at any time if you act inappropriately, such as by using abusive language.

Important information before you apply

Before you apply please read our terms and conditions document and FSCS information sheet alongside the key product information above to understand how this account works.

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