Martin Lewis has urged UK consumers to see if they're eligible to open an "unbeatable" little-known bank account that could give them a £1,200 payment. The Government-run Help to Save scheme is a savings account available to low-income workers claiming Universal Credit or Working Tax Credit, who have less than £6,000 saved.
The account offers a 50p bonus for every £1 saved - or a 50% return of your money. Account holders can pay in up to £50 a month over a four-year period - which would result in a bonus of £1,200, the Mirror reports.
Posting to Twitter, Lewis said: "Are you, or someone you know on Universal Credits or other benefits? Do look at Help To Save.
“You can put up to £50/mth in, then after 2yrs get a 50% bonus on the most you had in there (even if you've taken it all out). Unbeatable!”
How to open a Help to Save account
You can apply for a Help to Save account through the Gov.uk website or by calling 0300 322 7093.
You could be eligible for a Help to Save account if you live in the UK and:
Receive Working Tax Credit
Are entitled to Working Tax Credit and receive Child Tax Credit
Claim Universal Credit and you (with your partner if it’s a joint claim) earned £604.56 or more from paid work in your last monthly assessment period
Partners must apply for the accounts separately, and any cash saved in a Help to Save account could potentially affect your benefits.
You and your partner must have less than £6,000 in personal savings to make sure your Universal Credit and Housing Benefit payments aren't reduced. This includes any savings in your Help to Buy account, but not your bonuses.
Any savings or bonuses you earn through Help to Save will not affect how much Working Tax Credit you get. The bonus payments are made after two years and at the end of four years, and the payout is not subject to tax.
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