Martin Lewis reveals how you could get more than 25% extra on savings – are you eligible?
Martin Lewis is no stranger to sharing his money saving tips with the world, often doing so while appearing on ITV shows such as Good Morning Britain and This Morning. This week’s instalment of The Martin Lewis Money Show was dedicated to savings accounts, and the financial journalist had plenty to say about the current top easy access savings accounts.
Up to £4,000 can be saved in a Lifetime ISA each tax year, although this counts towards the £20,000 annual ISA allowance.
The government will then pay 25 percent – up to £1,000 – as a bonus on savings.
Withdrawal charges of 25 percent may apply should a person withdraw money and their reason not be included within a specific number of options.
During his self-titled show, Mr Lewis said: “If you’re aged 18 to 39, you can open a Lifetime ISA.
“Then, if you use that to buy your first property – you can put up to £4,000 a year in it – the state will add 25 percent on top as long as it’s a home worth less than £450,000.”
Mr Lewis explained that a person could get more than 25 percent extra on their savings via the interest rates.
He added: “Do remember though, if you withdraw money not to buy a house or you don’t wait until you’re 60, there is a penalty.”
The founder of the Money Saving Expert website also called another savings option “totally unbeatable” – for those who are eligible to open an account, that is.
It came as he explained that the Help to Save scheme offers a 50 percent bonus.
Up to £50 per calendar month can be paid into this type of account each calendar month, over the course of four years.
This means that up to £2,400 can be saved in this type of account, meaning a maximum total of £1,200 could be paid to the saver.
“Frankly it’s totally unbeatable if you’re eligible and it goes slap bang at the top of my rate-o-meter,” Mr Lewis said.
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