Martin Lewis has reminded those on benefits about a savings account offering a £1,200 bonus.
Almost 11 million people would be eligible for the savings scheme as they are in receipt of a qualifying benefit, such as Universal Credit or Tax Credits.
The Help to Save Scheme allows you to set up a government savings account that helps people on low incomes to get a bonus of 50p for every £1 they save over a period of up to four years.
READ MORE: Warning over common supermarket mistakes that could cost you money
This account lasts four years and for each £1 you save, the government will give you 50p on top.
Users of the scheme can bank between £1 and £50 into their savings every calendar month. For example, if you have saved £50 by January 8 you will not be able to pay in again until February 1.
The most you can pay into your account each calendar month is £50, which is £2,400 over four years. The most you can earn from your savings in four years is £1,200 in bonus money.
Payments can be made by debit card, standing order or bank transfer.
It is not a necessity to pay in every single month, you can just choose to do so when you can afford to, but if you do not pay in every month then you won't be eligible for the full bonus.
Martin reminded those on benefits to check if they can claim the free cash during his Martin Lewis Money Show Live programme on ITV, the Mirror reports.
The Money Saving Expert said: "If any of you are eligible for that you need to go for it.
"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.
"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."
Martin also explained how Help to Save is "unbeatable" in terms of interest rates for easy-access accounts.
These are types of accounts where you can withdraw your cash whenever you like. The best easy-access rate right now is just 0.6%.
Or if you can lock your money away, which means you can’t make withdrawals, fixed rates are better than easy-access.
The top one-year fixed rate is 1.35%, and 1.6% for a two-year fix, said Martin.
You could be eligible for a Help to Save account if you live in the UK and:
Receive Working Tax Credit
Are entitled to Working Tax Credit and receive Child Tax Credit
Claim Universal Credit and you (with your partner if it’s a joint claim) earned £604.56 or more from paid work in your last monthly assessment period
Research into the scheme, published by the DWP and HMRC, claimed that: "Help to Save customers are predominantly working women with children at home - in line with the general profile of the Tax Credit population. A third are single parents."
To set up your account follow this link.
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here
