Lifetime ISAs or 'LISAs' are accounts designed specifically for people saving for their first home or retirement. You can only open them if you're above age 18 and below 40. (But you can transfer your existing lifetime ISA to Dodl if you're age 40 or over.)

Lifetime ISAs come in two forms: cash or investment (also called 'stocks and shares'). The Dodl Lifetime ISA is an investment lifetime ISA and that means you can invest your savings for the opportunity to grow them. You will also earn 5% gross interest on any cash held in your Dodl Lifetime ISA. You can read more more about the interest here.

The main benefit of Lifetime ISAs is their 25% government bonus on any amount you pay into them. As you can pay up to a maximum of £4,000 each tax year into a lifetime ISA, you can get up £1,000 in annual bonuses. And you can continue to pay into your lifetime ISA until age 50.

25% is a huge boost! But you should only pay into a lifetime ISA if you’re definitely planning to use it to help buy your first home (up to a value of £450,000), or to supplement your retirement savings for later life, after age 60.

If you withdraw cash from your lifetime ISA before age 60, and aren't using it to buy your first home, you’ll have to pay the 25% government withdrawal charge on the amount you take out. That means you could get back less than you paid in.