It's all to help young people get on the property ladder.
The money saving expert shared his advice on his ITV show Martin Lewis has issued new savings advice for everyone born between 1985 and 2006. In a recent Budget Special episode of the Martin Lewis Money Show on ITV, the financial guru urged those aged between 18 and 39 to take advantage of a scheme to help them get on the property ladder.
‘Great if you have kids and you want to put money in for them – get them to put a quid in now. The clever thing to do right now.’ Although you’ll pay a 6% penalty for withdrawing the money in your LISA rather than using it to pay for a home purchase, if you open yours with just £1 you only risk losing 6p. Big brands like HSBC, Natwest and Halifax all offer Lifetime ISA accounts, each with their own interest rates but all qualifying for the government bonus.
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