Need help understanding LISAs Watch

willjiggs
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#1
Report Thread starter 6 days ago
#1
Ok, so I have been doing some research, and I understand most of it, although there is one thing that none of the pages seem to say. Is the government bonus paid on the money put into the account, or the amount of money put into the account that year?

An example to hopefully make the question more understandable:

If I put £4,000 today, and never put anything else in, will in 10 years the account be worth...

£14,000, because 25% (up to £1,000) is added each year (£4,000 + (£1,000 * 10).

Or £5,000, because 25% of the money put in that year, and because I only put in £4,000 I only get £1,000 bonus.

If somebody could help that would be much appreciated.
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Quady
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£5k
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Etomidate
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As above. You get 25% of what you deposit, not 25% a year!
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willjiggs
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(Original post by Etomidate)
As above. You get 25% of what you deposit, not 25% a year!
It was wishful thinking
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Reality Check
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(Original post by willjiggs)
It was wishful thinking
You know they're not a general savings account? You only get the bonus if you buy a house or use it towards your retirement.
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Quady
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(Original post by willjiggs)
It was wishful thinking
Yeah like what made you think that mightve been a thing?
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