Financial expert shares tips on adding "serious cash" to savings
Martin Lewis, the renowned money saving expert, has revealed a valuable opportunity for Brits to add significant funds to their savings. He advises individuals on low income to check if they qualify for an extra £1,200 in free cash through the Help to Save account.
An unbeatable savings opportunity
The Help to Save account is specifically designed to boost savings for those on Universal Credit. Mr. Lewis emphasizes that it is an unbeatable form of savings with no risk involved. Eligible individuals can contribute up to £50 per month for two years, and at the end of this period, they receive 50% of the highest amount saved.
For example, if someone saves £50 per month for a year, they will have £600 in their account. If they need to withdraw this amount for an emergency, they will still receive a 50% bonus of £300. Additionally, whatever amount they have saved at the end of the two years will be matched with a 50% bonus.
Who can apply?
The Help to Save account is available to those receiving Universal Credit, Working Tax Credit, or Child Tax Credit. Recent figures from HMRC indicate that over 450,000 people have already opened a Help to Save account, amounting to more than £370 million in payments.
However, with over six million individuals currently on Universal Credit, there are millions missing out on this opportunity to receive free cash.
Easy and flexible sign-up
Signing up for a Help to Save account takes just a few minutes, and individuals can start with as little as £1. There is no set amount that needs to be saved each month, making it a worthwhile option for anyone with spare cash.
Eligibility criteria
To open a Help to Save account, you must be receiving either Working Tax Credit, Child Tax Credit (with entitlement to Working Tax Credit), or Universal Credit with a minimum take-home pay of £722.45 in your last monthly assessment period. If you are in a couple, both partners can apply for separate accounts.
It is important to note that you must be living in the UK to qualify for the scheme. However, if you are living overseas, you may still be eligible if you are a Crown servant, a member of the British armed forces, or their respective spouses or civil partners.
Even if you come off benefits, you can continue to save into your Help to Save account.
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