So far, Lifetime Isas, a brainchild of George Osborne, have failed to take off either in the industry or with consumers. Skipton's new product is an attempt to break this cycle.

To do so, it will need to overcome three major hurdles: (1) the British public's relative aversion to saving, going back to the mid 80s; (2) extremely high levels of unsecured household debt; and (3) the post crisis fall in real incomes. 

Lifetime Isas were presumably intended to be a step towards a future of reduced reliance on the state pension but it's hard not to conclude that a lot needs to change before that happens. However, neither is the status quo likely to be sustainable as our population continues to age. 

At least Skipton's move should give them greater insight into the potential market, which can only be a good thing.