Martin Lewis urges people born between 1984 and 2006 to claim free £1,000

The Money Saving Expert founder, who is a BBC and ITV regular, spoke out over the benefits and pitfalls of having a Lifetime ISA (LISA).

Martin Lewis has issued a reminder to anyone born between 1984 and 2006 as they can get £1,000 free. The Money Saving Expert founder, who is a BBC and ITV regular, spoke out over the benefits and pitfalls of having a Lifetime ISA (LISA).

He said: "The Lifetime ISA is a product you can open when you are between the ages of 18 and 40 - so the last day you can open it, is the day before your 40th birthday. You can then save up to £4,000 a year in it, and the state will add a 25% bonus on whatever you've saved.

"If you saved the maximum £4,000 a year, the state will add £1,000 that year. "You can do that year after year and you keep getting the bonus until you are 50." On his X account, Mr Lewis added the tip is well worth looking into if you "aim to buy a house one day (or your children are that age and hope to)".

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On its website, MSE said: "If you're pushing 40, make sure you open one before you hit the cut-off age. You can continue to put money into the LISA until the day before your 50th birthday (once you're 50 or over you'll continue to get interest or investment growth/losses but you won't be able to pay in any more).

"If you want to transfer it to a new provider, for example to get a better interest rate, this is allowed – and you can add to it then. You just can't open another for new money only. As always when there's an age limit, some will miss out.

"For the many people who have asked us "Isn't this age discrimination?", the answer is yes, it is." MSE adds: "However, it is not illegal age discrimination; no more than setting a state pension age is."