Speaking on Good Morning Britain, Martin Lewis said: “HSBC is giving people £175 for switching to its bank account, you have to do it by Monday, you also have to be paying in £1750 a month, which is a salary of £26000. “That’s part of its conditions, but you could split that up and pay in £1000, take out £750 put it back in.
“So that will help – that comes within 40 days so about second week of January you’d get the cash, which if you’re spending in Black Friday might be quite helpful.”
Following on from his mention of Black Friday spending, Martin shared his best deals ahead of the big day tomorrow.
Martin said: “Deals come in two forms. The ones I most like are those with blanket codes or vouchers that operate cross store, as here you can usually buy what you would’ve bought anyway at a discount.
“Yet there are also one-off deals on individual items, done at places like Apple, which gives vouchers on top, Amazon and John Lewis yet I worry here people buy because it’s cheap, not because they need.”
The maximum government bonus which can be paid on the savings is £3,000.
In the first month of opening a Help to Buy ISA, a saver can kickstart their account with a lump sum of up to £1,200.
Then, in subsequent months a person can pay in up to £200 per month.
The minimum government bonus is £400, meaning a person must have saved at least £1,600 into their Help to Buy ISA before they can claim the bonus.
Mr Lewis also explained some of the differences between a Help to Buy ISA and a Lifetime ISA. He said: “The LISA is bigger, you can put more money in but [it’s] rigid.
“The Help to Buy ISA, you can put less in, but it acts faster and it’s much more flexible. Specifically, get a LISA if you’re aged 18 to 39, will definitely buy a qualifying property (that’s one under £450,000) and you won’t buy within the first year – because then you won’t get the bonus if you did it early.
“The Help to Buy ISA, well it’s good if you’re younger or older, you’re going to buy a property under £250,000 – or £450,000 in London, you need to buy quickly because it works after just three months, and crucially if you’re not 100 percent sure you’re going to buy a qualifying property, go for the Help to Buy ISA because then it’s a no brainer.
“You can take your money out with no penalty and the interest is decent.”