Martin Lewis has revealed how you can get up to £1,000 free every year from the Government thanks to your savings account.

The Money Saving Expert told viewers of the Martin Lewis Money Show Live on ITV that you get a 25% bonus on your savings when you put money into a Lifetime ISA (LISA) account.

You can put up to £4,000 into a LISA each year, meaning you could receive £1,000 completely free.

However, you have to use any money put into a LISA on your first property or on your retirement.

News Shopper:

Withdrawing cash from a LISA for any other reason will see you pay a penalty of 25%.

Martin explained: ““The state will give you a 25% boost on the money you put in.

“You can put in up to £4,000 a year so that’s up to £1,000 a year bonus from the state.

“Do be careful if you think the house you could buy could be above a £450,000 maximum LISA house.

“The LISA £450,000 [limit] hasn’t gone up since 2017. They should either wipe the penalty for people buying bigger [homes] or put that £450,000 up.

“Not the subject for today but I hope to hear back from the Chancellor on that because I don’t think it’s that fair.”

You can open a LISA if you are aged between 18 and 39, and can keep placing savings into the account until you are 50.

The maximum you can earn from the Government for having an ISA is £33,000, assuming you opened it at 18 and deposited £4,000 into the account every year until you were 50.