Martin Lewis says get free £1,000 'straight away' with bank account

Martin Lewis says people can get a free £1,000 payment with one savings trick. The ITV The Martin Lewis Money Show star was back on the ITV programme, which aired from 8pm on Tuesday November 26, with a handy trick for viewers.

Discussing the Lifetime ISA and how you can get a bonus, the BBC Sounds star explained: "People can open a LISA on the day of their 18th birthday, and they can open one until the day before their 40th birthday. That is the very last time they can open one, and once it's open, it stays open.

"When you can open it, it gives you a 25% boost on what you put in. So if you put in £1,000 in one month, the state will add £250 pounds that month, and that will be sitting in your lifetime ISA account. That amount will get interest on top of it as well, and it will keep doing that until you're age 50.

READ MORE: HMRC to snatch '64 per cent of people's pensions' after exemption scrapped

READ MORE: Date confirmed for £200 cost of living payments

READ MORE Foreign Office issues NEW Canada travel warning with UK tourists warned

"As they have been around since 2017, the oldest people with LISA's are 46, so we've not yet hit it, so they're still getting that 25% contribution." Mr Lewis, the Money Saving Expert, said: "The most you can put in per tax year is £4,000, which means you can get up to £1,000 free per year, and you get that each year.

"So if you had it for 10 years, you would have £10,000 free from the state." He explained: "Now, you might think you've got a 25% bonus on the 25% off which means you come out with the amount that you put in. That's not the case, if you have £10,000, you will have £12,500 with the bonus, but if you take it out, you end up with £9,075.

"So you put ten grand in but end up with £9,075 because of the penalty." He added: "If you're aged between 18 and 39 and you've not got a LISA and you haven't bought a property, go and put £1 in one. Even if you don't want to save for a first property.

"Why? Because the clock is ticking, when you are ready to put money in, you could put £4,000 in and get £1000 straight away. Parents of people aged 18, 19 or 20 go and give them a £1, they will still take it, and tell them to open a LISA because it will then be there, ready and waiting."