The Help to Buy ISA deadline is just days away, with this being midnight on Saturday, November 30. Tonight, Martin Lewis, the founder of the website Money Saving Expert, urged viewers who may look to get on the housing ladder in the future to open an account ahead of this date.

This type of account allows savers to get a 25 percent bonus on savings paid into this account, providing it fulfils the criteria for doing so.

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.

READ MORE: Martin Lewis urges shoppers to act now to get £175 free cash in time for Christmas

Tonight, the financial journalist said: “There are only five days left to open a Help to Buy ISA.

He added: “Miss this and you could be missing out on thousands of pounds of free cash.”

During the programme, Mr Lewis detailed some of what he thought were the “top payers”, signposting options from Barclays and Nationwide.

“If you just want to open something online with a quid, well Nationwide is 2.5 percent [AER].”

Mr Lewis also explained some of the differences between a Help to Buy ISA and a Lifetime ISA.

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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.”

The Lifetime ISA also offers a 25 percent government bonus, however it differs to the Help to Buy ISA.

While it’s possible for eligible savers to open both types of account, it’s not possible to claim the 25 percent bonus on them both.

Following the deadline for new savers to open a Help to Buy ISA, those who have one may continue saving into their account until November 2029.

On November 30, 2029, accounts will close to additional contributions.

Should they wish to, savers must claim their Help to Buy bonus by December 1, 2030.

The Martin Lewis Show continues on Monday at 8pm on ITV.

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