Savers who put money into a new type of Isa for the under-40s should watch out for high fees.
The so-called Lifetime Isa launched last week, offering savers a 25 per cent government top-up on contributions up to Â£4,000 a year if they put the money towards a first home or retirement.
Four providers are offering accounts so far â€” all for savers wanting stock market investments.
There are no cash accounts available yet. The most expensive deal with the investment firm Share Centre costs up to 2.21 per cent a year â€” or Â£88.40 on a Â£4,000 balance.
By comparison, Nutmeg charges 0.94 per cent (Â£37.60) a year on average and picks simple investments tailored to you.
Hargreaves Lansdown charges 0.45 per cent for the account on top of the cost of the fund. This means that savers will pay around 1.35 per cent (Â£54) on average overall.
Scottish Friendly charges 1.5 per cent a year, or Â£60 overall, regardless of what fund you pick.
Former pensions minister Baroness Ros Altmann says: â€˜There is no cap on charges so providers can get away with charging whatever they want. I really canâ€™t see how this is good value for savers.â€™