蜜芽传媒

Personal finance expert Martin Lewis talked through the benefits of Lifetime ISAs, also known as LISAs.

LISAs are a type of ISA created to help people save either for their first home or for retirement. If you take out a Lifetime ISA, the government will give you a bonus worth 25% of what you pay in, up to a set limit, every tax year.

鈥淵ou can only open it if you're between the ages of 18 and 39 inclusive, so you have to be under 40 to open it. If your 40th birthday is coming soon and you've never bought a home. I'd get a quid in one just to make sure you open it in time,鈥� Martin recommends.

鈥淵ou get a 25% boost on up to 拢4000 saved a year in it, which can be used towards your first home or towards savings when you're getting close to retirement,鈥� he explained.

鈥淚t is free cash if you use it correctly鈥�, says Martin.

鈥淚 think it's worth looking at it for anyone on low income who is claiming Universal Credit or tax credits鈥�anyone who qualifies for help to save, if you can afford to save that is the best possible savings vehicle there is full stop, no question鈥� he suggested.

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