Savings

Martin Lewis urges low-income households to open ‘unbeatable’ bonus savings account for £300 boost

People on low incomes and claiming universal credit or tax credits are encouraged by Martin Lewis to look into an ‘unbeatable’ bonus savings scheme offered by the UK government that could boost your annual income by an impressive £300 £.

Universal Credit applicants who receive a “zero reward” from the Department for Work and Pensions (DWP) are eligible for the program. During his Martin Lewis Money Show Live, the finance guru encouraged people to consider opening a Help to Save account and take advantage of the 50% bonus structure it offers.

Anyone can open the account for up to four years, offering a return of up to £1,200, or £300 each year, reports the Daily recording. Martin told viewers: “The savings aid is for people on low incomes, especially those on universal credit or tax credits – I’m not saying everyone will get it, but most are eligible.”

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He continued: ‘You can save up to £50 a month over two years and you get a 50% bonus but that bonus is paid out on the highest amount you have so if you put in £50 a month for 12 months you will have £600.

“You then have to withdraw it as you need it urgently, you have nothing for the rest of the year so you will get a £300 bonus even if there is nothing left in the account. ”

Martin added: “Totally unbeatable, if you qualify, there’s nothing like it out there.”

Co-presenter Angelica Bell shared a viewer’s success story, she explained: ‘Jo was struggling to pay off his credit card and struggling to save. She had never heard of the scheme before watching the show.

“She was able to pay a maximum of £50 a month and received the four-year bonus of £1,200. Without the show, she would never have applied.

Here’s everything you need to know about payment:

What is savings assistance?

This is a plan that will help millions of people on low incomes or who will receive certain benefits. The state-run system allows people qualify for in-work tax credits or receive Universal Credit to earn a 50p bonus for every pound saved over a period of up to four years.

Although it is possible to withdraw money from the account, there is a catch. The bonus payout is only based on the highest amount you have invested. Even if you can’t put money aside just yet, open an account anyway, as long as you qualify, because you can’t. no need to spend money on it.

How the savings assistance program works

Some people who are eligible for working tax credits or receiving Universal Credit will receive 50p for every pound saved over a four-year period. The savings assistance is based on the British government all plan savings are therefore secure.

How Payments Work

You can save between £1 and £50 every month, you don’t have to pay every month either. Payments can be made by debit card, standing order or even bank transfer.

You can pay as many times as you like, but the maximum you can pay per calendar month is £50. You can only withdraw money from your Savings Help account to your bank account.

How bonuses work

You get bonuses at the end of the second and fourth years – these are based on how much you have saved.

What happens after four years?

Four years after its opening, the account will be closed. After that, you will not be able to reopen it or open another Check-in Help account.

You can close your account at any time. If you close your account early, you’ll miss your next bonus and won’t be able to open another one.

Eligibility

You can open a Savings Assistance account if you are:

  • Benefit from the Labor Tax Credit

  • Entitlement to working tax credit and child tax credit

  • Claim Universal Credit and your household earned £658.64 or more from paid work during your last monthly assessment period

Get payments as a couple

You and your partner can apply for your own Savings Aid accounts – you must apply separately. You must also live in the UK.

Will this affect my benefit payments?

You can continue to receive tax credits or universal credit while saving with Help to Save.

For more information and to set up your Savings Help account, visit the GOV.UK website here.

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