Can we talk about LISAs (Lifetime ISAs)?

(Nathan) #64

It wouldn’t solve it no but it would be a nice step :slight_smile:

Some mobile sites are horrendous to use (Argos, Boots etc.)

One of the main reasons I stopped using Lifeworks and TopCashback to be honest.

Is there not a way to do this similar to AirtimeRewards which just links it through the card rather than magic referral links?

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(Freddie Altman) #65

Totally understand that point about some retailers’ websites.

So the Airtime Rewards experience is obviously amazing but there are only about 50 retailers on board at present, which wouldn’t help you build your deposit that quickly. For us, it’s really about weighing up the volume of retailers on the platform versus the ease of tracking purchases to get your cashback.

Lots of retailers aren’t aware of or aren’t in favour of card-linking because there’s a possibility you can get something called “passive earn”, i.e. making money without even realising it or having the intention to make a conscious decision to shop with them because of the available reward. It’s hard for them to know who’s who and that they’re not just discounting their highly engaged regular customers’ purchases.

(Nathan) #66

Im going to be honest and say this is seamless and the way i want it to be to be honest.

Butttt… i know river island is on there over topman subconsciously so i know im getting a better deal when i buy from there

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#67

The lack of support on mobile was the main sticking point for me and Kidstart, actually. Amazon cashback, for example, I want to have from the app - I very rarely use their website and it’s a real hassle logging in with two factor and so on

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#68

Me too

I would rather have cashback from a merchant and think “wow, that was so easy, I’ll definitely shop there again”

Having to be active puts me off completely, because I feel I’m maybe shopping in a way I wouldn’t without the cashback sometimes = bad

In that scenario, I’d rather forgo the cashback altogether

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(Freddie Altman) #69

What about for larger purchases like holidays, insurance, etc.? If you’re getting £00’s back is the slight inconvenience worth it then?

#70

Big purchases are a whole different ballgame…

It’s a question of working out whether paying via a referral link is going to cost you more or less :joy:, particularly for insurance and electronics.

I don’t see cashback sites offering a “never knowingly undersold” price promise

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(Freddie Altman) #71

So we polled a whole lot more LISA customers and these are the results:

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(Jordan) #72

Not surprising IMO, I’d never reach the cap but that’s because that’s not really part of my plan with the LISA - I still have 4/5 years worth of plugging away a little bit here and little bit there until I would think about using the LISA.

I think it all depends on the use case.

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(Abdulkadir) #73

Things like life insurance, ISA, retirement and all those other savings people do with other companies make no sense to me.

I have Monzo pots now and what I did was create Cash isa pot, individual isa etc and I I have goes per each tax year as exaplained in the example here: https://www.gov.uk/individual-savings-accounts/how-isas-work .

All I will be requesting from Monzo now is to help add notes section in pots and ability to initiate an auto transfer to each pot when I get payed.

Every company that offers you something is taking money from you so why not do the same thing in your bank account and save more?

(Abdulkadir) #74

Am simply saying if you want to buy a house, save the money and have a deadline and you will meet that deadline with grit and focus. Monzo has made it easier

(Jordan) #75

Monzo don’t (will within the week) have ISAs, so who are your ISAs with?

Depending on which LISA/ISA you have you don’t and won’t have any money being taken away? Unless you are paying for a service but that is another thing in and of itself.

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(Freddie Altman) #76

I like your optimism, but all the planning and sacrifice in the world and some people will still struggle to reach that goal in this day and age. Monzo et al. make it much easier for people but there’s always more that can be done imo

(Abdulkadir) #77

Ah! You got me wrong, I gave my pots tittles, Cash ISA, Shares ISA and target per each tax year. so I can be saving money into them. The same goes for “House in london” pot which has a target of the year I would have finished saving and will buy the house out right.

I hope I am clear now. the real isa account I created with Free trade which is currently free until next month I think.

(Jordan) #78

What I mean to say is do these go to a real Cash ISA and a S&S ISA (you mention your Freetrade one) in which case, what is the benefit of storing it in the Pot for the tax year, wouldn’t you just move it into the ISA at say, the end of every month?

I’m still confused by what you mean here.

(Abdulkadir) #79

I would rather create a life insurance in my Monzo pot and have my next of kin access to my account when I die than to open a life insurance account with a company.

(Jordan) #80

But surely going through and creating a plan with a company would provide much better benefits than simply having a pot of money you have to build up manually in a bank account?

Life Insurance is way off topic for this thread in any event - LISAs aren’t tied to life insurance?

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(Abdulkadir) #81

it was an example to clarify my point

#82

Were these all doing a house buying LISA?

There are plenty of people who really wouldn’t want to use the allowance if they could, as it’s the last thing on a long list after pensions, other ISAs etc

(Faye Stewart) #83

One thing you should know is solicitors charge a fee on handling help to buy or Lifetime ISAs as they are the only ones who can close the account when you come to buy your home. I’m buying my first house atm and it’s cost me £50 + £10 vat just to access my own money.