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 (DWP) 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. Writing in the latest edition of the MoneySavingExpert.
com (MSE.com) newsletter, the consumer champion how the ‘Help to Save’ scheme said that no other savings account “comes close and word needs spreading”. He continued: “With Help to Save, you can put in up to £50/mth and get a 50 per cent bonus on the most you have in it over two years (eg max it for a year and you've £600, yet if you then take all that out, and put no more in, you still get a £300 bonus after two years).
A second bonus is paid after year four.” 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. If you come off Universal Credit or Tax Credits, the account remains open for the full four-year duration which means you can keep depositing money and repairing the bonus rewards.
MSE.com have created an easy-red guide to Help to Save which you can read here . Below is a quick overview of the saving account, full.