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Martin Lewis advises putting money into lifetime ISA for only one reason

00:31

Martin Lewis advises putting money into lifetime ISA for one reason only

Martin Lewis has advised savers to only put money into a lifetime ISA if they are putting cash away for a specific reason.

Account holders are able to deposit up to £4,000 each year until they turn 50 and the government will add a 25 per cent bonus to the savings up to a maximum of £1,000 per year.

"You only put money in a Lifetime ISA if you're sure you're going to buy a house," the MoneySavingExpert f ounder said as he warned against fees for withdrawing money from the accounts.

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