A Lifetime ISA (Individual Savings Account) is a savings account designed to help individuals save for their first home or retirement. You can open a Lifetime ISA if you are aged 18 to 39, and you can contribute up to £4,000 each tax year. The government adds a 25% bonus on your contributions, meaning you can receive up to £1,000 per year. You can withdraw money from your Lifetime ISA to buy your first home, provided the property costs up to £450,000. If you withdraw funds for other reasons before age 60, you may face a penalty. This account is part of the UK government's efforts to encourage saving.