Martin Lewis has flagged an “unbeatable” savings account where you could earn a bonus of up to £1,200.
Help to Save is a type of savings account offered by the Government, available to low income workers who are claiming certain benefits.
For every £1 you save, you get a bonus of 50p - this means you're getting a 50% return on your money.
This account lasts four years and you can pay in a maximum of £50 a month.
This means if you save the maximum £50 each month over four years, you could end up with a bonus of £1,200.
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You can save less and still get a bonus, although it will be a lower amount - for example, save £25 a month over two years and you'd get £600 back.
The bonus payments are made after two years and at the end of four years, and the money you earn is not subject to tax.
To open one of these accounts, you must be claiming Universal Credit and have a certain take-home pay - we explain below - or be entitled to Working Tax Credit.
Martin flagged the Help to Save account last night during his ITV Martin Lewis Money Show Live, which was focused on the top savings deals right now.
His co-host Angelica Bell read out a message from one woman, known only as Jo, who explained how she received the maximum £1,200 bonus.
Angelica 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 in the maximum of £50 per month and received the 4 year bonus of £1,200.
"Without the show, she would never have applied!"
Martin added: "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."
In a tweet published to his Twitter account during the show, Martin described Help to Save as "unbeatable" compared to other top-paying accounts.
Help to Save gives you a 50% return on your money.
In comparison, the best easy-access savings accounts from Marcus, Saga and Yorkshire Building Society right now pay 2.5%.
This rises to 5.05% for a five-year fixed account, or 5.12% if you're a Barclays customer who can benefit from its Rainy Day Saver.
How to open a Help to Save account
You can apply for a Help to Save account through the Gov.uk website.
For those who don’t have access to the internet, you can still get an account by calling 0300 322 7093.
You could be eligible for a Help to Save account if you live in the UK and:
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Currently receive Working Tax Credit
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Are entitled to Working Tax Credit and receive Child Tax Credit
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Claim Universal Credit and you (with your partner if it’s a joint claim) earned £658.64 or more from paid work in your last monthly assessment period
You and your partner can both open separate Help to Save accounts if you receive payments as a couple.
If you have savings elsewhere, having a Help to Save account could potentially see your benefits reduced if you go over a certain threshold.
If you claim Universal Credit or Housing Benefit, you and your partner can have up to £6,000 in personal savings - above this amount, and your benefits could be reduced.
This includes any savings in your Help to Buy account. Help to Save bonuses will not affect your Universal Credit or Housing Benefit payments.
Any savings or bonuses you earn through Help to Save will not affect your Working Tax Credit.
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