The Newcastle Building Society is to offer a cash Lifetime ISA and anticipates entering the market within the next few weeks.

A 25% government bonus on savings placed in to the Lifetime ISA is designed to support first time buyers getting onto the property ladder and those who wish to save for their retirement.

Stuart Miller, customer director at Newcastle Building Society, said: “We know how difficult it is for many people to save up enough of a deposit to allow them to own their own home. Similarly, the importance of planning your finances ahead of retirement has never been more important. That is why Newcastle Building Society wants to be able to offer a Lifetime ISA.

“Saving the maximum with a Lifetime ISA could mean people between 18 and 39 could earn as much as £32,000 as a free Government bonus to put towards their first home or their retirement.”

The Society’s tax free savings account will increase choice in the cash Lifetime ISA market.

Miller added: “We hope that Government will continue with Lifetime ISAs and provide consistent and long term support to those who are saving for a home or planning for future retirement.”

Newcastle Building Society was one of only two building societies who offered the Help to Buy ISA at launch and also provide Help to Buy mortgage products.