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<\/p>\nA MARTIN Lewis fan has revealed how they got \u00a36,000 in free cash to help put a deposit down for their first home.<\/p>\n
The tip was highlighted by the founder of MoneySavingExpert.com the publication's latest weekly newsletter.<\/p>\n
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It covered the benefits of saving into a lifetime ISA or LISA with Martin saying: "Using a LISA consistently can contribute a decent chunk to your deposit, just like it did for Steven and Jade who emailed in March."<\/p>\n
The pair said: "We opened a LISA each and deposited the max \u00a34,000 for three years.<\/p>\n
"We saved \u00a324,000 in total – gaining a\u00a0bonus of \u00a36,000\u00a0between us.<\/p>\n
"We combined this with other savings to put down the deposit for our first home.<\/p>\n
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"Thank you for your help getting us to this stage in our lives."<\/p>\n
A\u00a0lifetime ISAs\u00a0is a savings account that lets you put away up to \u00a34,000 every tax year.<\/p>\n
Anyone between 18 and 39 can open a\u00a0Lifetime ISA\u00a0and deposit a maximum of \u00a34,000 per tax year into one.<\/p>\n
You can keep adding money into one up until you are 50 but must make your first payment into one before the age of 40.<\/p>\n
<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n The big perk is that you get a 25% bonus on top of any personal contributions.<\/p>\n So if you added \u00a34,000 into one this tax year, you would get another\u00a0\u00a31,000\u00a0free from the government.<\/p>\n There are two different types of Lifetime ISA – a Cash Lifetime ISA and a Stocks and Shares Lifetime ISA.<\/p>\n A Cash Lifetime ISA can be worthwhile if you are saving for your first home and are planning to buy within a couple of years.<\/p>\n A\u00a0Stocks and Shares Lifetime ISA\u00a0might be more suitable if you are saving over a longer period for retirement.<\/p>\n With any Lifetime ISA, you will have to pay a fee if you want to use the money for anything other than your first home or retirement.<\/p>\n As an example, if you had savings worth \u00a3800, you would earn a 25% bonus of \u00a3200 on top – bringing your total pot to \u00a31,000.<\/p>\n Customers also have the option of investing in conventional cash or stocks and share ISAs which allow you to save \u00a320,000 a year tax-free.<\/p>\n A cash ISA can be opened by anyone 16 or over and\u00a0you can deposit\u00a0a maximum of \u00a320,000 into one per tax year.<\/p>\n There are different types of cash ISAs, including easy-access cash ISAs and fixed-rate ISAs.<\/p>\n Easy-access ISAs let you add money in which can be taken out at any time without a charge.<\/p>\n Customers can get returns of up to 3.62 with Cynergy Bank's easy-access cash isa.<\/p>\n Fixed-rate ISAs tend to offer higher interest rates than easy-access ISAs, but you will probably have to pay a fee for withdrawing money before the end of the term.<\/p>\n Those looking to lock their cash in can get 4.51% back by saving into Castle Trust Bank's one-year fixed rate ISA.<\/p>\n If you're willing to lock your cash away for longer, you could get 4.65% back with Close Brothers' two-year fixed cash ISA.<\/p>\n Stocks and Shares ISAs can be opened by anyone 18 or over and the maximum amount you can put into one is \u00a320,000 per tax year.<\/p>\n Unlike cash ISAs which give you a fixed rate of return, stocks and shares ISAs can give you more or less back.<\/p>\n There is more risk involved in opening one of these types of ISAs as the money you deposit is invested in shares and bonds.<\/p>\n But, while the value of the ISA can plummet, it can also increase sharply.<\/p>\n Usually, you have to pay a number of fees with a Stock and Shares ISA too, so that's another thing to bear in mind.<\/p>\n![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/08\/maureen-mclean-alamy-live-news-838882739.jpg\")
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What types of lifetime ISAs are there?<\/h2>\n
What are the other types of ISAs?<\/h2>\n
Cash ISA<\/h3>\n
Stocks and Shares ISA<\/h3>\n
Read More on The Sun<\/span><\/h2>\n
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