大象传媒

Lifetime ISAs were designed to help those save to buy their first house, with the government promising to add a 25% bonus to everything you put in.
听
LISAs are tax-free savings or investment accounts which can be opened by anyone in the UK aged 18 to 39.
听
Martin suggests anyone in that age group听should听set one up and add just at 拢1听to get started -听because you can only get the bonus if you've had the account open听for听longer than a year.
听
But听Martin urges first time buyers to be aware of the听potential financial penalties听that come with LISAs.
听
Martin said: 鈥淚f you withdraw money from a LISA before aged 50 for any reason other than buying a qualifying first home, you will be hit with what is effectively a 6.25% penalty鈥�.听
听
Listen to the Martin Lewis podcast on 大象传媒 Sounds.
听
This clip was originally from Nihal Arthanayake 8 November 2023.