Martin Lewis urges people on Universal Credit or Tax Credits not to miss out on £300 annual bonus
Martin Lewis is encouraging people on a low income or currently claiming Universal Credit or tax Credits to take advantage of a unique savings scheme which could provide an extra cash boost of up to a maximum of £300 each year. In a special post-Budget edition of The Martin Lewis Money Show Live, the financial expert encouraged viewers to consider opening a UK Government Help to Save account and take advantage of the 50 per cent bonus structure it offers.
Martin explained how it doesn’t matter how much you withdraw, the bonus is paid depending on the highest amount you had in the account over each two-year period. Martin simplified the rules of the bonus structure by saying that if you put in the maximum amount of £50 each month for 12 months, that gives a total of £600. If you need money for an emergency, and withdraw the £600 leaving you with no money in the account, and you put no more money in over the two year period, your bonus will be £300 because it is 50 per cent of the highest amount you had in the account.
It is also possible to take the money out from the account, but there’s a catch - the bonus payout is based on the highest amount of money you put in.
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