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Lifetime ISA or Help to buy ISA?

If you are thinking about saving to buy your first home, it is important that you save efficiently and smartly in order to get the best benefits and interest overall.

The two most popular saving accounts for those looking for a first time property is either the Help to buy ISA or the Lifetime ISA

The Help to buy ISA has no penalty for withdrawal, but you simply do not get the bonus. You are also able to use it after 3 months of opening it, should you be at your maximum savings. The government will contribute a maximum of £600 per year depending on your savings with an absolute bonus of £3000.

The Lifetime ISA the government can give you £1000 per year but cannot be used within a year of opening the account. The Lifetime ISA can be used on a first home or retirement fund.