Some 6.7 million people on Universal Credit could be eligible for the Help to Save scheme.
Martin Lewis is urging people on Universal Credit or Tax Credits not to miss out on an “unbeatable” 50 per cent boost on money put into a unique savings account run by the UK Government. The latest figures from the Department for Work and Pensions show that in April there were 6.7 million people across Great Britain claiming Universal Credit - and they could all be eligible for a tax-free £1,200 bonus.
The best bit about the Help to Save scheme is that opening an account is simple and you don’t have to put any money into it straight away. Top Money Stories Today What is Help to Save? The Help to Save account is a state-operated scheme which millions of people on a low income, or claiming certain benefits, could be eligible to join. In simple terms, for every £1 you put in you get a 50p bonus over a period of up to four years.
How payments work You can save between £1 and £50 each calendar month - you don’t have to pay in every month. Payments can be made by debit card, standing order or bank transfer. Similarly, if you then add £50 for the next two years, you would receive another £600 payment. This means that in total, you could earn a free £1,200 and if you kept the money in or the whole four years, you would receive an impressive £3,600 when the account closes.
Universal Credit Benefits DWP Personal Finance Tax Credits HMRC
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