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Thomas W

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Review of the Moneybox app, Lifetime ISA:

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A pension I may actually get to benefit from

I set up my LISA as soon as I heard about it in the 2020/21 tax year. At the time, Moneybox was offering the best rate in the market for this product. I am not a particularly high earner, but every year since then I have made sure to put in the full £4000 allowance into the account - without fail. I work mostly freelance, and so my private pensions are scattered across a smattering of in-house roles over the years. I also have a life-limiting health condition, so will be unlikely to benefit from traditional pension schemes in my lifetime anyway. I already has a mortgage when I set up the LISA, so set it up with the intention of drawing the money when I hit 60. If I die before then, the money will transfer to my wife without any kind of financial penalty. The LISA has given me a feeling of financial stability - I am looking after the future of my family with this product. What I love about Moneybox is that the interest is calculated daily and I can see it in the app. I can visualise the interest compounding, which is pretty exciting. I've used it to educate my 8-year-old daughter about the importance of saving too! Reviewed on: 5th February 2025

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