Martin Lewis has highlighted the benefits of the government's Help to Save scheme, which offers a 50% bonus on savings for eligible Universal Credit claimants. The scheme allows savers to deposit up to £50 per month over two years, with a maximum bonus of £1,200 over four years.
To qualify, individuals must be UK residents receiving Universal Credit with an employment income of at least £722.45, or be receiving Working Tax Credit or entitled to it while receiving Child Tax Credit. Lewis described the scheme as an 'unbeatable form of savings' that adds cash with no risk.
On his ITVX show, Lewis explained how the bonus works: if someone saves £50 monthly for a year and then withdraws £600 for an emergency, the highest balance recorded is £600. At the end of two years, they receive a 50% bonus of £300. Savers can then continue for another two years or stop.
One user on X shared her success: 'My four years are up in April and it’s been a fantastic scheme. I used the first bonus for a holiday for me and the kids but didn’t touch the actual savings.' Applications can be made via a Government Gateway account or by calling the HMRC helpline.
