The Student Room Group

Where to get a LISA account

I'm looking into getting a LISA account but have no idea where to look to get the best offer, any help appreciated.
Original post by EllenMacrae
I'm looking into getting a LISA account but have no idea where to look to get the best offer, any help appreciated.


Local banks or building society's is best place to start from as make appointment to speak to somebody about it and see what you think afterwards.
Original post by Tracey_W
Local banks or building society's is best place to start from as make appointment to speak to somebody about it and see what you think afterwards.

This is such bad advice
Original post by niteninja1
This is such bad advice

Why is it?
Original post by EllenMacrae
I'm looking into getting a LISA account but have no idea where to look to get the best offer, any help appreciated.


A quick Google search will show up which banks offer them. You should be able to find in the bank's websites what their rates are.
I just did a quick Google search and it looks like barclays and Skipton building society do them.
Original post by niteninja1
This is such bad advice

No it isn't as that a good starting place and can obviously look at there websites for the information on them.

Apart from gambling things with companies on the internet as they can disappear quicker than high street banks & building societies. So therefore the other real options is banks or building societies as you can at least go into them to discuss things.
Original post by Emma:-)
Why is it?

No I don't think it is a bad idea as I would rather go to these over gambling things with companies on the internet who could easily go out of business lot quicker than any high street banks or building societies.
Reply 7
Original post by Tracey_W
No it isn't as that a good starting place and can obviously look at there websites for the information on them.

Apart from gambling things with companies on the internet as they can disappear quicker than high street banks & building societies. So therefore the other real options is banks or building societies as you can at least go into them to discuss things.


If its so obvious, like why didn't you?
Reply 8
Original post by Tracey_W
No I don't think it is a bad idea as I would rather go to these over gambling things with companies on the internet who could easily go out of business lot quicker than any high street banks or building societies.

Why are they any less protected?

Are you thinking of saving more than £85k, if so I'd advise spreading the risk over multiple banking groups.
Original post by Quady
Why are they any less protected?

Are you thinking of saving more than £85k, if so I'd advise spreading the risk over multiple banking groups.

I don't need advice where to put my money as I'm already know this information about the amount you can have in any one bank account which unfortunately yes its spread over few different banks so I don't lose all my Money in one institution.


( is my money safe in an online bank......yes and no depending on the protection they give you)...

Yes, online banks are safe. As long as an online bank is insured by the FDIC, it will offer the same coverage as the FDIC-insured bank down the street. Use the FDIC's BankFind tool to confirm the online bank is insured or risk losing everything )...
Original post by Quady
If its so obvious, like why didn't you?

Person in post #1 wants to know this ).....
Reply 11
Original post by Tracey_W
Person in post #1 wants to know this ).....

Ah, mistook you for the OP

Which helps explains your references to FDIC. I was going to say FDIC provide no insurance against LISAs.
Original post by EllenMacrae
I'm looking into getting a LISA account but have no idea where to look to get the best offer, any help appreciated.

I would look at Martin Lewis for recommendations: https://www.moneysavingexpert.com/savings/lifetime-isas/
Original post by Quady
Ah, mistook you for the OP

Which helps explains your references to FDIC. I was going to say FDIC provide no insurance against LISAs.

Easily done

I wouldn't have known about FDIC etc if I didn't know this already.....
Original post by Tracey_W
Yes, online banks are safe. As long as an online bank is insured by the FDIC, it will offer the same coverage as the FDIC-insured bank down the street. Use the FDIC's BankFind tool to confirm the online bank is insured or risk losing everything )...

FDIC is the Federal Deposit Insurance Corporation, which is only relevant for banks in the USA.

The UK equivalent is the Financial Services Compensation Scheme, which protects savings of up to £85,000 per person per financial institution. The FSCS website is at https://www.fscs.org.uk/
Reply 15
Original post by Tracey_W
Easily done

I wouldn't have known about FDIC etc if I didn't know this already.....


FDIC is entirely irrelevant to the OP and this thread though.

I'd never heard of them as there is no reason for me to have an interest unless I were ever to get a green card.
Original post by martin7
FDIC is the Federal Deposit Insurance Corporation, which is only relevant for banks in the USA.

The UK equivalent is the Financial Services Compensation Scheme, which protects savings of up to £85,000 per person per financial institution. The FSCS website is at https://www.fscs.org.uk/

Yeah it should been fscs in uk.......
Just typed in wrong letters ...... Was looking at various places in Europe and USA etc comparing things with UK rules that I probably put USA one in instead of our own UK rules
(edited 2 years ago)
Reply 17
Original post by Tracey_W
yes its spread over few different banks so I don't lose all my Money in one institution.

And its spread over different banking groups rather than just different banks. ie there is no point spreading money between say the Halifax and Lloyds.

Original post by Tracey_W
Yeah it should been fscs in uk.......
Just typed in wrong letters ...... Was looking at various places in Europe and USA etc comparing things with UK rules that I probably put USA one in instead of our own UK rules

Wasn't just typing in wrong letters though was it? Like you advised using FDIC's BankFind tool.

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