Martin Lewis has reminded Brits who are on benefits that they could be entitled to a special savings account that offers up to a £1,200 bonus.
On ITV’s Martin Lewis Money Show Live, he told viewers who might be eligible to “go for it.”
Help to Save is a type of savings account that allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years.
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Martin told viewers: “If any of you are eligible for that. You need to go for it. That’s a big winner.”
He continued: “For those who are on a low income, for example you’re on Universal Credit, you can put up to £50 pounds a month, over two years. And it pays you a bonus 50% on the highest amount you have.
The maximum you can save is £1,200
(Image: PA)
“So think of it like this, you put £50 if you have the money, in for a year, you’ve got £600.
“You have a problem and you need the cash, which many on low incomes might find, so you put nothing in for the rest of the two years.
“Now the highest amount you’ll have is £600, 50% of that is £300. That’s the bonus you’ll get, totally unbeatable.”
Help to Save accounts explained
Help to Save accounts are backed by the government so all savings in the scheme are secure.
You can save between £1 and £50 each calendar month, but you don’t have to pay money in every month.
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You get a tax-free bonus at the end of the second and fourth years based on how much you’ve saved.
The maximum bonus is £1,200 after four years if you save £50 every month.
The bonus after two years is 50 per cent of the highest balance you’ve saved.
After four years the bonus will be 50 per cent of the difference between the highest balance saved in the first two and last two years.
If your highest balance doesn’t increase, you will not earn a final bonus – an incentive to save more as you go.
After four years, your account will close and you won’t be able to open another.
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You can open an account if any of the following applies to you:
- receiving Working Tax Credit
- entitled to Working Tax Credit and receiving Child Tax Credit
- claiming Universal Credit and you (with your partner if it’s a joint claim) earned £617.73 or more from paid work in your last monthly assessment period
You can find out more on the government website.
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