PUBLISHED: 10:08, Fri, May 8, 2020 | UPDATED: 11:33, Fri, May 8, 2020
Martin Lewis is widely recognised for sharing his financial expertise and money saving tips, having founded the website Money Saving Expert. Last night, he co-presented The Martin Lewis Money Show from his home, alongside Angellica Bell who was in the ITV studio.
As the show kicked off, the pair turned to a query which had been sent in by a person who is looking to save money for a financial milestone.
The viewer explained that she and her boyfriend are currently looking to open a savings account together, in order to save for a house deposit.
While the couple may have been looking to open a savings account, Mr Lewis explained that there could be a way in which two separate accounts could help them get a substantial bonus each.
He said: "Well, the natural place to start - assuming you're first time buyers aged between 18 and 40 - is a Lifetime ISA.
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Martin Lewis: The Money Saving Expert founder co-hosts the ITV show (Image: GETTY / PA)
Lifetime ISA savers can pay in up to £4,000 each tax year (Image: GETTY)
"Then, the state adds 25 percent on top of what you've saved up to a max £4,000 a year.
"So, you put £4,000 in, they put a £1,000 in."
Addressing couples looking to make their first property purchase together, he continued: "You don't do that together - you have one each. So you could have £8,000, with £2,000 going in [from the government]."
However, savers need to be aware that there is a period of time to wait before it can be used for the purchase of a first home.
"You'd have to wait a year to buy," he pointed out.sonos sonos One (Gen 2) - Voice