Martin Lewis has urged people on Universal Credit to apply for the Government's Help to Save scheme to help households put away cash.
On The Martin Lewis Money Show Live on ITV, the consumer champion told viewers to put money in a Help to Save account. It allows certain people who are entitled to Working Tax Credit or are receiving Universal Credit to get a bonus of 50p for every £1 they save over four years.
As Help to Save is backed by the Government, all savings in the scheme are secure. People can save between £1 and £50 each calendar month and do not have to pay money in every month, reports the Liverpool Echo.
- Read More: DWP urges people to 'act quickly' over Universal Credit change or risk losing benefits
Get all the latest money news and budgeting tips from Chronicle Live with our free newsletter
Martin said: "If people are able to put £50 in the account each month for two years, you will have £1,200 in the account. You will then receive 50% of that which is £600 so the total in the Help to Save will be £1,800. Then whatever you have in at that point, the bank will add on another 50% after two years and you will get another 50% bonus."
The Help to Save scheme can be accessed here via the Government website. To fill out the application, it was explained on The Martin Lewis Money Show Live people need to enter their national insurance number and also upload a form of ID.
The website further explains: "You can pay money into your Help to Save account by debit card, standing order or bank transfer. You can pay in as many times as you like, but the most you can pay in each calendar month is £50.
"For example, if you have saved £50 by 8 January you will not be able to pay in again until 1 February. You can only withdraw money from your Help to Save account to your bank account. You get bonuses at the end of the second and fourth years. They’re based on how much you’ve saved."
Join our WhatsApp communities
ChronicleLive is now on WhatsApp and we want you to join our communities.
We have a number of communities to join, so you can choose which one you want to be part of and we'll send you the latest news direct to your phone. You could even join them all!
To join you need to have WhatsApp on your device. All you need to do is choose which community you want to join, click on the link and press 'join community'.
No one will be able to see who is signed up and no one can send messages except the ChronicleLive team.
We also treat our community members to special offers, promotions, and adverts from us and our partners.
If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'.
If you’re curious, you can read our privacy notice.
Join the ChronicleLive Breaking News and Top Stories community
Join our Christmas and New Year in the North East community
Join our I'm A Celebrity community for all the latest updates from the jungle
Join the Things to do in Newcastle and the North East community
Join our Northumberland community
