Since the Lifetime ISA was announced I've been searching for a reputable bank that is going to be offering it out.
It is a fantastic scheme and I would love to open an account.
However, none of the main banks seem to be offering the account and I'm at a loss as to why... this is a government scheme that I thought banks had to offer.
I've personally gone in and spoken to and been turned away by:
all claiming that they are either outright not going to supply the scheme or that they have no information / no idea about the scheme.
I did some further research and came across this article by Which? Lifetime Isas
Which provides a table on who is offering the scheme. According to this data it states that there are three companies offering the Lifetime ISA, all companies I've never heard of and would not trust with my money.
Why would the banks be avoiding offering the scheme? I feel this is down to them not wanting people to use it as an alternative to a pension, but not really sure.
Is anyone able to shed some light as to why this is case? I've been avoiding using my cash ISA so far this financial year but feel I'm losing out by doing this.