This Morning's saving expert Martin Lewis has issued a warning to first-time buyers over a potential free £1,000 bonus on Lifetime ISAs.
The deadline for using this tax year's allowance is almost up - with the bonus resetting on April 6.
He told Holly and Phil: "A Lifetime ISA is a product primarily for first-time buyers. If you save in it towards a house, when you buy that house you get free cash and a big amount of free cash.
"The key thing is - you can put up to £4,000 each tax year in a Lifetime ISA and you get 25 per cent free cash on top of that.
"So put £4,000 in, you get £1,000 each tax year.
"Tax year ends on April 5, so if you're eligible for this, you want to max it out before then and then on April 6, you get another £4,000 you can put in.
"So by April 6, you could put £8,000 in, meaning £2,000 free towards your first home."
The savings guru then explained some of the current top deals for Lifetime ISAs, saying: "Cash Lifetime ISAs, which is just a savings account that you put your money in, it's Money Box at 1.4 per cent as the top payer, and you've got the Nottingham Building Society at 1.2 per cent.
"You can also do stocks and shares Lifetime ISAs. Like all stocks and shares investments, that involves a risk. Hopefully your money will grow quicker, but there's a chance you could lose money on the back of it.
"If you're looking to buy a house in the next couple of years, I'd hedge towards cash savings, so you've got a set amount.
"If you're looking for retirement, because you've got a long time to ride out the ups and downs of the markets, then you may want to look at investing."
Lifetime ISAs are available for people ages between 18 and 40, with the bonus then being paid until the age of 50.
If the bonus is for a home, rules state that the Lifetime ISA needs to have been open for at least a year.
Customers who withdraw the cash for anything else also face a penalty of 25 per cent, so Martin Lewis has urged savers to only put money in that will be used for a qualifying home buying or retirement.
