Lifetime ISAs are a particularly good savings product because you receive a top-up from the Government for the money you save.
With the LISA you can get up to £1,000 a year from the Government up until you reach 50.
This means if you open a LISA at 18, you can get a total of £33,000 from the Government if you continue saving until you reach 50.
Unfortunately, those born on April 6, are only able to receive £32,000 from the Government because of where the new tax year falls.
You can withdraw Lifetime ISA money once you’ve reached age 60 or earlier to buy your first property but be warned that if you take the money for any other reason (apart from severe ill health) you’ll pay an exit penalty which is currently 20 percent but is due to increase to 25 percent on April 5.