Lifestyle

Martin Lewis explains how Brits who claim benefits could receive £1,200 bonus

Martin Lewis has explained how Brits could receive a bonus of up to £1,200.

The MoneySavingExpert founder revealed information to his 1.5million followers on Twitter.

He discussed the Help to Save account which is available to low income workers claiming Universal Credit or Working Tax Credit.

It's run by the government and offers a bonus of 50p for every £1 you save, which means you're getting a 50% return on your money.

The account lasts four years and you can pay in a maximum of £50 a month.

So if you save £50 each month for the four years you have the account, you could rake up a bonus of £1,200.

You can save less and still get a bonus, although it'll be a lot less, for example if you save £25 a month, it'll be £600 after two years.

Martin wrote: "Are you, or someone you know on Universal Credits or other benefits? Do look at Help To Save.

"You can put up to £50/mth in, then after 2yrs get a 50% bonus on the most you had in there (even if you've taken it all out).

"Unbeatable!"

To open a Help to Save account, you can do it through the GOV.UK website or create an account by calling 0300 322 7093.

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

  • Martin Lewis fan tracks down lost pension worth £39k after following MSE tip

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You and your partner can both open separate Help to Save accounts, but you'll both need to apply individually.

Martin described the account as "unbeatable" in comparison to other savings accounts.

If you're eligible for Help to Save, you're getting 50% interest back on your cash.

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