A woman on Universal Credit was able to get £600 free cash into her bank account - thanks to advice from Martin Lewis.
The consumer guru hosted The Martin Lewis Money Show on ITV on Tuesday night, giving tips for savers looking to maximise their cash pots. And it was revealed that one viewer managed to get £600 after following his advice.
The Help To Save scheme provided a lifeline to the farmer, who was on Universal Credit. "I changed my electricity," she said. "My telephone, my broadband. I looked at all my outgoings and managed to make some savings. I have been paying £50 a month for two years - and my account showed £1,200."
Read More: Quick ways to check if you are missing out on DWP benefits or discounts to boost income
The move meant the viewer was given a handy windfall, reports Birmingham Live. The 50% Government bonus is paid on £1,200 - meaning she got £600 into her current account. "It's amazing," she said.
Martin used the show to provide guidance on savings accounts, ISAs, Lifetime ISAs and more. He warned: "The top cash ISA is with Cynergy Bank at 2.85%, but the top standard savings is at 2.92%. Again, with Barclays, you have 4% with a cash ISA, but the top standard savings account is way more at 4.33%.
"After basic and higher tax, you're better in the cash ISA. Same with the two-year fix. So on the money not being taxed anyway, put it in the top standard savings. But if you're earning enough interest - which you probably won't be, so we don't need one - just pop them in the top standards savings."
Addressing first time buyers, the financial journalist also issued a word of warning on Lifetime ISAs, because the Government has a six per cent penalty fee for using the money on anything other than a house - or if you're aged under 60 when you take the money out.
Regarding the Help to Save scheme, you can get more information here.
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