Martin Lewis has issued an urgent reminder to anyone born between 1984 and 2006 as they can get a free £1,000 - but you need to act fast
Martin Lewis, the founder of Money Saving Expert and a regular on BBC and ITV, has issued a reminder to anyone born between 1984 and 2006 that they could be eligible for £1,000 free through a Lifetime ISA , reports Birmingham Live.
He explained: "The Lifetime ISA is a product you can open when you are between the ages of 18 and 40 - so the last day you can open it, is the day before your 40th birthday. You can then save up to £4,000 a year in it, and the state will add a 25% bonus on whatever you've saved." "If you saved the maximum £4,000 a year, the state will add £1,000 that year. "You can do that year after year and you keep getting the bonus until you are 50. " He further added that this tip is worth considering if you "aim to buy a house one day ".On its website, MSE advised: "If you're pushing 40, make sure you open one before you hit the cut-off age. You can continue to put money into the LISA until the day before your 50th birthday .
"If you want to transfer it to a new provider, for example to get a better interest rate, this is allowed and you can add to it then. You just can't open another for new money only. As always when there's an age limit, some will miss out." The response from MSE states: "For the many people who have asked us "Isn't this age discrimination?", the answer is yes, it is." They further clarify: "However, it is not illegal age discrimination; no more than setting a state pension age is."
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