Martin Lewis highlights ‘no brainer’ savings move as he points out top Lifetime ISA rates

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Secure heard the email, the financial journalist and campaigner highlighted some chances they would currently be able to access elsewhere.

Martin also defined how they should go about making the switch, should they whim to.

He replied: “Why not? You can switch LISA providers and get a higher rate – top payer is Nottinghamshire Erection Society at 1.25 percent, followed by MoneyBox at one percent.

“Go to them, offer one and ask them to transfer your existing LISA in.”

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While on the keynote of Lifetime ISAs, Martin went on to suggest some people unbolted up a Lifetime ISA in this tax year, regardless of whether they were established that they’d use it to purchase a first home.

That’s because there’s been a substitute in the rules, meaning they could open an account now but have until the end of the in circulation tax year to make their decision without facing a penalty load when withdrawing savings for “unauthorised” reasons.

He said: “A Lifetime ISA is a upshot that 18 to 40-year-olds can open and then they get a 25 percent additionally up to £1,000 per year – when they use the money on a first-time house usefulness up to £450,000.”

The Lifetime ISA can also be withdrawn by the saver once they reach the age of 60 – sense some may use this type of account for retirement savings.

“You have to arrange held it a year before you can use it,” he added.

“Now, the key problem with Lifetime ISAs is if you don’t use it for a certifying house or take it out once you’re aged 60 or over, then you participate in to pay a penalty of six and a quarter percent for taking the money out for anything else.

“But that has found at the moment, until the fifth of April next year, due to coronavirus.

“So living soul who need their money in there, can get it out.

“So right now, you can open a Lifetime ISA as a ‘no wisdom’ and you make your decision on the fifth of April next year whether you hanker after to withdraw your money and it’s no problem.

“So, if you’re 18 to 40 and you’ve never acquisition bargain a house, go open a LISA. Nottinghamshire Building Society’s your best-buy.”

The Martin Lewis Fat Show Live is available to watch now on the ITV hub.

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