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Edinburgh Live
Edinburgh Live
Rachel Pugh & Katie Williams

Martin Lewis reveals how you can save £1,200 starting with just £1

Financial guru Martin Lewis has revealed how Brits can earn hundreds of pounds from the government by starting just with £1.

Speaking on the Martin Lewis Money Show, he explained that people can pocket £1,200 from the government through their Help to Save scheme.

As Manchester Evening News reports, Help to Save is a government savings account available to working people on low incomes who are entitled to Working Tax Credit or receiving Universal Credit.

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The account lasts four years and for each £1 you save, the government will give you 50p on top.

You can pay in any amount from just a minimum of £1 up to a maximum of £50 a month. This means if you save in the maximum each month for the four years, you could pocket a bonus of £1,200.

The money you earn is not subject to tax and the bonus payments are made after two years and then again at the end of the four years.

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Even if you save less, you are still entitled to a bonus, although it will be a lower amount.

For example, if you part with £5 a month, over two years, you'll get a £60 cash in addition.

Over the four years, if you keep saving £5 a month, your total bonus would be £120.

You can only withdraw money from your Help to Save account to your bank account, and keep in mind any withdrawals you do make could affect your 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.

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