{"id":66190,"date":"2023-08-27T06:52:42","date_gmt":"2023-08-27T06:52:42","guid":{"rendered":"https:\/\/wordcelnews.com\/?p=66190"},"modified":"2023-08-27T06:52:42","modified_gmt":"2023-08-27T06:52:42","slug":"martin-lewis-fan-reveals-how-they-got-6000-in-free-cash-towards-a-deposit-for-first-home-how-you-can-too-the-sun","status":"publish","type":"post","link":"https:\/\/wordcelnews.com\/lifestyle\/martin-lewis-fan-reveals-how-they-got-6000-in-free-cash-towards-a-deposit-for-first-home-how-you-can-too-the-sun\/","title":{"rendered":"Martin Lewis fan reveals how they got \u00a36,000 in free cash towards a deposit for first home – how you can too | The Sun"},"content":{"rendered":"

A 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

<\/p>\n

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

Read more in money<\/span><\/h2>\n

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Martin Lewis’ MSE reveals banks giving out free cash as fan gets \u00a3710 in 3 months<\/h3>\n

"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

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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

What types of lifetime ISAs are there?<\/h2>\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

What are the other types of ISAs?<\/h2>\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

Cash ISA<\/h3>\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 ISA<\/h3>\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

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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

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A MARTIN Lewis fan has revealed how they got \u00a36,000 in free cash to help put a deposit down for<\/p>\n","protected":false},"author":2,"featured_media":66189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nMartin Lewis fan reveals how they got \u00a36,000 in free cash towards a deposit for first home - how you can too | The Sun - Wordcelnews.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wordcelnews.com\/lifestyle\/martin-lewis-fan-reveals-how-they-got-6000-in-free-cash-towards-a-deposit-for-first-home-how-you-can-too-the-sun\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Martin Lewis fan reveals how they got \u00a36,000 in free cash towards a deposit for first home - 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