The new Labour Party government can penalise people withdrawing their own cash from Lisas prematurely, Money Saving Expert founder Mr Lewis said.

Those wanting to get their first home may be hit by hefty fines due to account rules, Martin Lewis told BBC Radio 5 Live

Sounds podcast host has delved into the topic of Lifetime ISAs on his latest episode, which dropped for subscribers on Sounds and Apple Podcasts and Spotify this week.

The BBC Sounds podcast host has discussed Lifetime ISAs on his latest episode of the show, which dropped on Sounds this Wednesday.

The Lifetime ISA is often used by young savers to build a deposit to buy a property or help fund a decent retirement - but withdrawing cash for any other reason can spark a big penalty fee

Martin Lewis has issued a warning about withdrawal fines as the Lifetime ISA (LISA) is not in line with today's property prices and rules need updating

The total value of Lifetime Isa withdrawal charges rose by 40 per cent in 2023-24 to £75.2 million in 2023-24, according to new figures released by HMRC.

Martin Lewis has issued some urgent advice around one government savings product, explaining that there are certain people who should try open it as soon as possible while others might not need to bother with it at all

Mr Lewis has urgent advice over the Lifetime ISA, which can be opened by people aged 18 to 40 - so born between 1984 and 2006.