Martin Lewis says millions of Universal Credit claimants can receive £1.2k bonus

Martin Lewis has revealed how Universal Credit claimants can make the most of their money.

Brits who receive Universal Credit can get a special saving account which the Money Saving Expert founder said was "unbeatable".

There's a cash bonus of up to £1,200 which is better than any interest on a normal savings account at the moment.

Help to Save accounts, which were launched by the government in 2018, are there to help those on low incomes.

For each £1 you save into the account, the government will give you 50p on top.

So if you save the maximum amount each year, you could bag a bonus of £1,200.

And to get the biggest bonus, you need to save £2,400 over that time which works out as £50 a month.

Millions of Brits on Universal Credit are eligible for the account, but only 280,000 accounts have been opened.

This means millions are still missing out as Martin reminded claimants to make the most of it.

He 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."

  • Argos shares four tips for bagging best Black Friday discounts for 2021

Want all the biggest Lifestyle news straight to your inbox? Sign up for our free Daily Star Hot Topics newsletter

He added: "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 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.

"If any of you are eligible for that. You need to go for it. That's a big winner."

The account is useful to people who can afford to put money away, so the scheme isn't for everyone.

But you can still open an account and save a few pounds in there.

To be eligible for Help to Save you'll need to receive working tax credit and entitled to child tax credit.

You will also have to claim Universal Credit.

It's worth noting you and your partner can apply for separate Help to Save accounts.

You can save between £1 and £50 every calendar month and accounts last for four years from the date opened.

To apply you can head to the GOV.UK website where you'll need a government gateway user ID and passport.

Alternatively, you can call 0300 322 7093.

Source: Read Full Article