We all know that saving and investing in an ISA is a very effective way to build wealth for the future. However, not everyone knows how to get the most of these accounts.

Here, I’m going to reveal how it could be possible to pick up £2,000 for free from the UK government over the next month with a certain type of ISA. This offer isn’t available to everyone but those who are eligible may want to seriously consider it.

Free money from the government

The one I’m talking about is the Lifetime ISA. These are designed to help younger investors save for a first home or for retirement (you can only open an account if you’re aged between 18 and 39).

The annual allowance for these products is only £4,000. However, what’s great about them is that for every £1 you put in, the government adds in 25p (up to age 50).

So if you were eligible for the bonuses and put in £4,000 before the 5 April ISA deadline, you’d pocket an extra £1,000 from the government (a near-instant 25% risk-free return). Put in £4,000 before the deadline and another £4,000 shortly after, and you could pocket £2,000 for free in a very short space of time.

Now, there’s a catch. Your money must be kept in the account until you buy your first home or turn 60. Overall though, it’s a great deal.

I’ll point out that this deal probably won’t be around for long. Recently the government said that it plans to scrap bonuses for those saving for retirement soon, so this could be the last chance to take advantage.

Growing the money further

Of course, while a 25% risk-free return is fantastic, this could just be the starting point in terms of gains. Because with these ISA accounts, it’s generally possible to invest in some high-quality growth assets.

For example, most Lifetime ISAs offer access to the Scottish Mortgage Investment Trust (LSE: SMT). This is a growth-focused fund that predominantly invests in technology companies, both publicly traded and private (today it has absolutely nothing to do with Scottish mortgages).

Over the long term, this product has delivered phenomenal returns for investors. Zooming in on its 10-year performance, it’s returned about 17% a year.

On the downside, it’s a volatile (higher-risk) investment due to its focus on growth companies. To pocket that 17% a year, investors have had to tolerate big moves down in the share price at times.

I believe it’s worth considering for a portfolio today though (I’m an investor myself), assuming a long-term investment horizon. Top holdings in the trust currently include the likes of Amazon, Taiwan Semiconductor, Nvidia, and SpaceX.