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Moneybox announces 1.4% cash Lisa

Those looking to buy their first property will now be able to save into a cash Lifetime Isa through Moneybox.

The savings product, which has been launched with OakNorth Bank, boasts a 1.4 per cent AER variable interest rate and can be opened with £1. Transfers from existing Isas will also be accepted.

However, as with all Moneybox services and products, the Lisa is only available through a smartphone app.

This means that found firms now take deposits on cash Lisas, the others comprising Newcastle, Skipton, and Nottingham Building Society.

Moneybox co-founder Ben Stanway says: “The Lifetime Isa provides a much-needed helping hand to young people who are trying to get on the property ladder and we have been very surprised to see so few banks make it available to their customers.”

OakNorth Bank chief strategy officer Amir Nooriala adds: “Since our launch in September 2015, we have proven our ability to innovate in the UK savings market, which has been recognised with various savings awards.”

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