If you want to save for retirement or to buy your first home, you should consider opening a Lifetime ISA (LISA), which is available to people between the ages of 18 and 40. You can save up to £4,000 in the current tax year with a Lifetime ISA, which counts towards your annual ISA allowance. The government will add a 25% bonus to LISA savings, up to a maximum of £1,000 per year, and this does not count against your ISA allowance.

Remember that the money you put into a LISA each year counts toward your overall £20,000 ISA allowance — so if you put £4,000 in a LISA during the tax year, you’ll be able to put £16,000 into other ISAs.

If you need advice regarding your savings, contact us today otherwise please visit again tomorrow for the next instalment where we will look at how your pension could help during high inflation times.