Newcastle Building Society has launched a Lifetime Isa product today.
First announced at the beginning of this month, Newcastle’s adoption of the government-backed initiative makes it just the third lender to offer the savings product, alongside Skipton and Nottingham Building Society.
This launch comes soon after the government rejected calls to scrap the Lisa, as reported by Mortgage Strategy earlier this month.
Newcastle Building Society customer director Stuart Miller says: “Helping people own their home and plan for the future is core to our purpose, and [the] Lifetime Isa helps both these sets of savers.
“Encouraging and rewarding personal saving is a key step in starting to address the culture of easy credit and consumer debt that has become prevalent and ultimately reduces the ability of individuals, couples and families to save.
“We understand how hard it is for people to save a deposit for a home and similarly, how saving early for retirement can make a material difference to financial security in later life.”