Martin Lewis's free cash message to anyone between 18 to 40

Money-saving expert Martin Lewis has issued a message to anyone between the ages of 18 and 40. The financial guru was sharing some of his best tips on his podcast when he revealed how first-time buyers can get up to £1,000 a year for free through a “superhero product”.

The 52-year-old dad said those able to should get a lifetime ISA (individual savings account) as it allows them to get money from the state towards a house deposit. However, he explained “like with all superheroes, there is a kryptonite” and said some “shouldn’t bother”.

The BBC and ITV regular said: “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.

READ MORE: Mum gets creases out of kid's school uniform without ironing

READ MORE: First look as city region moves to buy 50 new electric buses

"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."

On his X account, the consumer champion added the tip is well worth looking into if you "aim to buy a house one day (or your children are that age and hope to)".

On its website, MSE said: "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 (once you're 50 or over you'll continue to get interest or investment growth/losses but you won't be able to pay in any more).

"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.

"For the many people who have asked us "Isn't this age discrimination?", the answer is yes, it is." MSE adds: "However, it is not illegal age discrimination; no more than setting a state pension age is."

Martin, who regularly presents Good Morning Britain next to Susanna Reid, said the account does have its pitfalls. If you take money out of the account other than for retirement or buying a home, you will have 25% taken off the total saved.

For example, Martin said a £10,000 investment would typically attract a £2,500 bonus, bringing the total to £12,500, a 25% penalty for unqualified withdrawals could see the amount drop to £9,375 - a loss of £625 from the original sum.

You can read the Money Saving Expert guide on Lifetime ISA accounts here.