Martin Lewis is urging people to put £1 in an account now if they’re in the right age group - because it could allow them to get a huge boost to their savings in future.

In the Budget, Chancellor Rachel Reeves announced a consultation about scrapping Lifetime ISA (LISA) accounts and replacing them with a new product instead.

The LISA allows anyone aged from 18 to 39 to put money into a tax-free savings account in order to buy their first home, with the amount being topped up with a 25% bonus. Those who don’t use it to buy a house can instead switch it to a retirement savings account they can access aged 50.

However, the LISA has come under fire for withdrawal penalties, especially as the cap on house purchases hasn’t kept up with house price inflation.

Martin Lewis says how to put £9

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