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Liverpool Echo
Liverpool Echo
World
Christopher Megrath

Martin Lewis' advice on how to claim £1,200 bonus from the government

Martin Lewis suggested people use a Help To Buy account which offers a cash bonus if certain requirements are met.

The Money Saving Expert relayed a woman's success story after following the 'Help to Save' account guidance on his show. The woman received a £1,200 payment directly from the government, leading him to reiterate how it can be done.

During his ITV show, Martin Lewis Money Show Live on Tuesday night, he walked viewers through the best long-term savings accounts to get a cash bonus, including a Help to Buy ISA, a Help To Save account and a LISA (Lifetime ISA) and how much extra cash they could give you.

READ MORE: Martin Lewis issues £66 warning to those on pre-payment meters

Martin's co-host Angelica Bell read out a message from a woman who is a regular viewer. She said: "Jo was struggling to pay off her credit card debts, and found it difficult to save.

"She'd never heard about the scheme until watching the show. She was able to pay the maximum of £50 per month and received the 4-year bonus of £1,200. Without the show, she would never have applied."

The 'Help to Save' account is set up to help those on low incomes using Tax Credits or Universal Credit. People depositing £50 a month for two years would receive a 50% bonus, which means after four years would be a £1,200 bonus.

Martin said: "The government did a stat, apparently more people have heard about Help to Save from this show and my other work than any other method, 29% of people who opened Help to Buy said it was due to this, hopefully it'll go up today.

"We need to build some financial resilience in this country, and this is a good scheme for that. And one thing, you have to have it open for a year before you can buy a house. So if you're aged 18-39 and you haven't bought a house or maybe you have a parent or something that age.

He added: "Put a quid in now, the clock starts ticking, and when you've had it for a year you can work it. The top paying Lifetime ISA (LISA) is Moneybox at 3%, there are also investment ISAs."

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