Martin Lewis explains ‘unbeatable’ savings account with cash boost of up to £1,200
Martin Lewis gives advice on ‘Help to Save’ government scheme
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Martin Lewis is well-known for offering important assistance to individuals on money-related queries, and his latest appearance was no different. The Money Saving Expert drew attention to the fact many people are unfortunately struggling with their finances, along with debt. However, there is a good way certain individuals will be able to get back on their feet, and he encouraged looking into the matter.
Those who are on a low income, Martin said, could be eligible for a type of savings account which is known as Help to Save.
It could be useful in helping individuals to get started on a savings journey, and bolster their finances with a Government boost.
Martin explained: “If you’re on a low income, likely on Universal Credit, there is a plan called Help to Save, which is a Government savings scheme.
“You can put up to £50 in a month, and then after two years, they’ll give you a 50 percent bonus of the maximum you’ve saved in it.
“So, let’s say you’ve got up to £500, but took £300 out, so you have £200 at the end of the two years.
“They’ll give you 50 percent of the £500, that’s £250, just to try to encourage you to save.
“I mean, that’s just unbeatable!”
To be eligible to open a Help to Save account, Britons must be receiving any of the following:
- receiving Working Tax Credit
- entitled to Working Tax Credit and receiving Child Tax Credit
- claiming Universal Credit and the person (with their partner if it’s a joint claim) earned £617.73 or more from paid work in the last monthly assessment period
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Those who receive payments as a couple can apply for their own independent Help to Save accounts.
Individuals also need to be living in the UK to apply for an account, unless they are a crown servant or member of the British armed forces.
People will be able to pay in to their Help to Save account as many times as they like, as long as they do not exceed the £50 calendar month limit.
The Government states, for example, if someone has saved £50 by January 8, they will not be able to pay into their account again until February 1.
After the four year period, a person will see their Help to Save account close – as it is only meant to assist Britons during this time.
People will not be able to reopen the account or open another Help to Save account.
They will, however, be able to keep the money from their account to assist with their future finances.
Britons can close their account at any time they so wish. However, if they do close their account, they will miss their next bonus and will not be able to open another one.
Many individuals will be keen to understand how they can apply for this bank boost, and thankfully, the process is designed to be a simple one.
People will need a Government Gateway user ID and password in order to apply for a Help to Save account online.
If they do not have one, fortunately, they will be able to create one when they make their application.
Britons should be aware they will be asked to provide their UK bank details when making their application.
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