Martin Lewis has had his say on whether prospective homeowners should switch their Help To Buy ISA to a Lifetime ISA.
Both schemes were created to help people save for their first home.
The Help to Buy scheme is a savings accounts aimed at people trying to build a deposit to buy their first home.
READ MORE:Martin Lewis says millions of people could be owed £1000
People will be able to save up to £200 a month into a dedicated Isa that the Government will top up by 25% , up to a maximum bonus of £3,000 .
First-time buyers keen to make the most of the scheme can also open their account with a one-off lump sum of up to £1,000 on top of the monthly maximum.
Couples buying together can combine their bonuses, meaning a potential boost of up to £6,000 towards a deposit for a first home.
The minimum Government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy Isa before you can claim your bonus. The maximum Government bonus you can receive is £3,000 . To receive that, you need to have saved £12,000.
To qualify for a Help to Buy Isa generally, someone must be a UK resident aged 16 or over buying their first property .
The property must be in the UK, and cost up to £250,000, or up to £450,000 for people buying in London. It must not be bought as a buy-to-let property. The property must be mortgaged in order to be eligible for the Government bonus.
The Help to Buy ISA has closed to new savers, but you can add money to one you’ve already opened until November 30 2029.
What is the Lifetime ISA?
You can use a Lifetime ISA (Individual Savings Account) to buy your first home or save for later life.
You must be 18 or over but under 40 to open a Lifetime ISA.
You can put in up to £4,000 each year until you’re 50. You must make your first payment into your ISA before you’re 40.
The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.
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Martin Lewis' verdict on switching to a LISA over H2B:
Martin said: "If you'll definitely buy a home for less than the LISA maximum of £450,000, are aged 18 to 39, and you won't do it within a year of opening and can max out the savings, go for a LISA as you will get a bigger bonus.
"Yet if you're buying quickly, you're 40 or over, or you're not 100% sure you'll buy at all, then it's safer to stick with your H2B ISA."