Martin Lewis reveals clever £1 savings trick to help you get on the housing ladder – with no risk
The new tax year is finally upon us but as ISA allowance resets and new rules have come into play planning how you save your money could boost your final pot by thousands.April is the best month to open a new ISA account and start saving and doing so could boost your funds by thousandsBut with a fresh clean slate now is a good time to organise your finances so you can get the most out of your ISA
That number would only increase if you added more to your Cash ISA and could reach thousands by April 2025. Usually, you have to pay a number of fees with a Stock and Shares ISA too, so that's another thing to bear in mind. The amount you pay in is linked to your annual ISA allowance – for example, if you pay £1,000 into your LISA, you can still pay £19,000 into other ISA products.You can open a Lifetime ISA with any bank, building society or investment manager that offers the product.You can hold multiple Lifetime ISAs, although you can only pay into one each tax year.
Only first-time buyers can use Lifetime ISAs to buy a home, which means you can't own, or have owned, a home in the UK or anywhere in the world.You must be buying a home you plan to live in – the scheme isn’t for buying a home you want to rent out, or a holiday home.Lifetime ISAYou can keep adding money into one up until you are 50 and must make your first payment into one before the age of 40.
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