MIRROR
Martin Lewis has explained how to get up to £1,000 free each year from the Government by using a specific savings account.
You get a 25% bonus on your savings when you put your money into a Lifetime ISA (LISA) account.
The maximum amount you can put into a LISA is £4,000 each tax year – meaning a yearly bonus of up to £1,000.
If you save less than this, you’ll still get the 25% bonus on what you’ve saved – for example, save £2,000 and you’ll get £500 free.
But the catch is, you need to use any money put into a LISA on either your first property or your retirement.
If you withdraw the cash for any other reason, you’ll pay a penalty of 25%
You can open a LISA if you’re aged between 18 to 39 although you can keep saving into an existing account until your 50th birthday.
