Martin Lewis explains how 18–39-year-olds can get free £1k per year

Sounds nice doesn't it?

Martin Lewis has revealed how those aged between 18 and 39-years-old can get up to £1,000 per year from the government. Speaking on the Martin Lewis Money Show, the financial expert explained the benefits of a Lifetime ISA, also known as a LISA. LISAs are a government scheme that pays savers up to £1,000 a year for a home or to go towards their retirement fund. If you have a LISA you can put away up to £4,000 each year until the age of 50, and the government will give you a 25 percent bonus on top of this. Lifetime ISA accounts are open to anyone aged 18-39 but differ from Help to Buy ISAs in that they have to have been open for a year in order to get the 25% bonus. All in all it means that over the lifetime of an account you could get up to £30,000 of government money, as long as you pocketed the maximum £1,000 bonus each year. https://twitter.com/itvMLshow/status/1618268612107833347 "A Lifetime ISA can be opened between age 18 and 39," Martin said.

"As a first time buyer the state will give you a 25 percent boost on money you put in.

"You can put up to £4,000 a year [in] so that's up to a grand year bonus from the state."

However, Martin warned that if you take out your savings before you reach 60 or for any reason other than buying a house or, you'll lose your bonus and pay a penalty. "Lifetime ISAs have a 6.25 percent withdrawal penalty if you're not using them to buy a qualifying house or you're aged under 60 when you take the money out," he said.

"So, you only want to put them (money) in if you're definitely going to be buying a qualifying house.