You've only got until the end of this month says MartinSLewis MoneySavingExp
, financial expert Martin Lewis recently advised people to take advantage of it by opening an account with just £1 before deadline.Writing in his popular newsletter a couple of months ago, Money Saving Expert founderHe said: “If you think you’ll need these [a Government top-up account] but aren’t sure, just open them. You need £1 in a Help To Buy ISA by November 30 or you lose the opportunity.
“First-time buyers saving in Help to Buy ISAs get a 25% boost from the state, so each £1,000 saved becomes £1,250. “So if you may one day want to buy a home, consider opening one now with £1 or more, as then the facility stays available until 2029.also gives a 25% boost - but other terms differ, so choosing a winner is complex…”So, what do we know about the LISA that the government is favouring instead? There are pros and cons for each type, so the right one for you depends on your circumstances.- You need to be over 16 to open an ISA, but LISAs can only be opened if you’re between 18 and 39 .
- The Help to Buy bonus is triggered after three months of max savings, but you must have had a LISA open for a year.- The LISA lets you buy a property worth up to £450,000 anywhere in the country, while the ISA lets you buy a home worth up to £250,000 .
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