Martin Lewis is encouraging people on a low income or currently claiming Universal Credit to take advantage of a unique savings scheme which could provide an extra cash boost of up to £300 each year.
In a special savings edition of The Martin Lewis Money Show Live this week, the financial expert encouraged viewers to consider opening a UK Government Help to Save account and take advantage of the 50 per cent bonus structure it offers.The account can be opened for a maximum of four years, offering a return of up to £1,200, or £300 each year - however, the bonus is only paid at the end of the second and fourth year.
It doesn’t matter how much you withdraw, the bonus is paid depending on the highest amount you had in the account over each two-year period.Martin told viewers: “It is for people who are on Universal Credit or have low incomes - not everyone will qualify, but it is worth checking.”The founder of MoneySavingExpert.com explained how it allows people on a low income to save, but also use the money in the account if they need to.He said: “You can do it for two years, well after that, you’ve done the first two years you can do it for another two years.“If you’re in the position to get Help to Save, there is nothing anywhere even close to as good as those terms and that 50 per cent bonus.”Below is everything you need to know about the Help to Save scheme, you can also find full details on GOV.UK here.
The Help to Save account is a scheme which millions of people on a low income, or claiming certain benefits, could be eligible to join.Read more on dailyrecord.co.uk
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