Money saving expert Martin Lewis has revealed how Universal Credit claimants could get a savings bonus of £1,200.
On his ITV programme The Martin Lewis Money Show, the 47-year-old told viewers about the best saving scheme there is, the Liverpool Echo reports .
The Government's Help to Save scheme is designed to encourage people claiming universal credit or working tax credits to save.
It pays a 50% bonus on the amount saved, up to a maximum bonus of £1,200 over four years.
Martin said: "It's all about a government scheme called 'Help to Save' for those on lower incomes.
"Say you're on working or child tax credit or you get Universal Credit and earn over £570 a month.
"To set it up go to the gov.uk website, or you can call them.
"Here's how it works."
He continued: "Over a two-year period, you can put up to £50 a month in.
"You get a 50% bonus not on the amount you had in at the end, but on the most you had in over the two-year period.
"And then for the next two-year period if ever you put more in than you did in the first two-years you get 50% of that too."
But if you're in debt, this scheme risks you not prioritising your money when you should be paying off debt.
