Millions of people across the UK are currently claiming Universal Credit and Working Tax Credits and they could be eligible for an extra bonus.
Lots of people have been forced to to claim extra support during the pandemic from the DWP and there is a way those on certain benefits can boost the little savings they have.
Money Saving Expert Martin Lewis highlighted the savings scheme on his ITV Money Show last series.
The Help to Save account is a scheme which thousands of people on a low income, or claiming certain benefits, could be eligible to join - reports the Daily Record.
It is a state-operated scheme that allows people entitled to Working Tax Credits or receiving Universal Credit to get a bonus of 50p for every £1 they save over a period of up to four years.
It is also possible to take the money out from the account, but the bonus payout is based on the highest amount of money you put in.
Even if you’re not able to set aside money for savings at the moment, open an account anyway, while you are eligible to do so, because you don't have to put any money in.
How the Help to Save scheme works
The scheme allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over four years.
Help to Save is backed by the UK Government so all savings in the scheme are secure.
You can save between £1 and £50 each calendar month - you don’t have to pay in every month.
Payments can be made by debit card, standing order or bank transfer.
You can pay in as many times as you like, but the most you can pay in each calendar month is £50.
You can only withdraw money from your Help to Save account to your bank account.
You get bonuses at the end of the second and fourth years - they’re based on how much you have saved.
What happens after four years?
Your Help to Save account will close four years after you open it. You will not be able to reopen it or open another Help to Save account.
You can close your account at any time. If you close your account early you’ll miss your next bonus and you will not be able to open another one.
Who is eligible for the Help to Save account?
You can open a Help to Save account if you are:
Receiving Working Tax Credit
Entitled to Working Tax Credit and receiving Child Tax Credit
Claiming Universal Credit and your household earned £604.56 or more from paid work in your last monthly assessment period
Getting payments as a couple. You and your partner can apply for your own Help to Save accounts - you need to apply separately
You also need to be living in the UK.
You can continue to receive Tax Credits or Universal Credit while saving with Help to Save.
And if you stop claiming benefits you can keep using your Help to Save account.
