The government’s flagship savings programme, the Lifetime Isa (Lisa), has been snubbed by banks and building societies on the day it launches.

None will offer Lisas immediately, saying they are either not ready or prefer the existing Help to Buy Isa.

Lisa’s are aimed at people who want to save for a house, or for retirement.

The savings product was the brainchild of former Chancellor George Osborne.

“It’s a bit of a damp squib as there are no cash Lisas yet confirmed for launch,” said Hannah Maundrell, editor-in-chief of Money.co.uk.

From Thursday 6 April, those between the ages of 18 and 39 were due to be able to open a Lisa cash savings account.

But banks and building societies have complained that the product is too complex for customers to understand.

Article source: BBC, Business, 6th April 2017,

http://www.bbc.co.uk/news/business-39506199

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