'A natural place to start' Martin Lewis explains to couple how they could boost ...

MARTIN LEWIS was on hand to answer questions from the public during The Martin Lewis Money Show - A Coronavirus Special on ITV last night. During the instalment, he addressed ISA and regular savings accounts.

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.

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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.

READ MORE: Martin Lewis points out top savings accounts including 'absolute winner' for easy access

Martin Lewis: Money Saving Expert founder in picturesMartin Lewis: The Money Saving Expert founder co-hosts the ITV show (Image: GETTY / PA)

Lifetime ISA guide in picturesLifetime 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.


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"You'd have to wait a year to buy," he pointed out.

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