Uk news Martin Lewis explains how Universal Credit claimants may be eligible for a bonus MetiNews.Com
MetiNews.Com - Anyone entitled to Working Tax Credit and receiving Child Tax Credit may also be eligible for the scheme
Breaking News ! Thousands of people across the Scotland have been dealt a financial blow as a result of the Covid-19 pandemic. The latest figures published this week by the Office of National Statistics show that unemployment across Scotland increased to 4.6% (128,000) between May and July and remains higher than in the rest of the UK. Around 9 million workers across the UK have been on furlough leave during lockdown, with over 1 million companies applying to the UK Government's Job Retention Scheme for support to help pay employees wages. Others are living off a reduced salary, or none at all and now relying on Universal Credit as their only source of income. Over 3 million claims have been made for Universal Credit since March 1 due to the coronavirus cisis. But, even if you are relying on the state to help you through this pandemic, there is a way to boost your savings by 50 per cent, according to Martin Lewis. The money-saving expert explained that this can be done through a Help to Save account - a scheme which people on a low income could be eligible for. Read More Related Articles Lockdown easing in Scotland: Stay in the know with our newsletters Read More Related Articles Martin Lewis shares easy way to earn £100 from these banks - just by switching accounts Help to Save is a state scheme which allows people who are entitled to Working Tax Credit or in receipt of Universal Credit to get a bonus of 50p for every £1 they save over a period of up to four years. "There's a 50 per cent savings boost here for hundreds of thousands of people who weren't eligible before via Help to Save, " Martin said. He added: "Help to Save is a state scheme where you can put in up to £50 a month and get a 50 per cent bonus on it." The money-saving expert went on to say how it’s also possible to take the money out from the account, but there’s a catch: "Now, this is important. The bonus is on the most you've had in. "So let's say you've put in £50 a month. You've got £600. You've then had to take that £600 out because you needed the money. At the end of two years, even if you've got nothing in, you still get 50 per cent of the £600 - the highest amount." That works out as a £300 bonus, making it a good incentive to start saving. 'Help to Save' can be opened by people on low incomes claiming certain benefits and can still be used if the benefit stops (Image: ITV / Mirror Online) The founder of MoneySavingExpert.com also explained that more people are now eligible for the Help to Save scheme due to the rise in the number of those claiming Universal Credit, or on a low income. And even if you’re not able to set aside money for savings at the moment Martin suggested opening an account anyway - while you are eligible to do so.
. "You don't have to put any money in. "You are then still eligible to use it even when hopefully things return, you're back in work and you're not on Universal Credit.”
How the Help to Save scheme works It allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over four years. Help to Save is backed by the UK Government so all savings in the scheme are secure. How payments work You can save between £1 and £50 each calendar month - you don’t have to pay in every month. Payments can be made 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. You can only withdraw money from your Help to Save account to your bank account. How bonuses work You get bonuses at the end of the second and fourth years - they’re based on how much you’ve saved. What happens after four years? Your Help to Save account will close four years after you open it. You will not be able to reopen it or open another Help to Save account. You can close your account at any time. If you close your account early you’ll miss your next bonus and you will not be able to open another one.
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Eligibility You can open a Help to Save account if you’re any of the following: receiving Working Tax Credit entitled to Working Tax Credit and receiving Child Tax Credit claiming Universal Credit and your household earned £604.56 or more from paid work in your last monthly assessment period If you get payments as a couple, you and your partner can apply for your own Help to Save accounts - you need to apply separately You also need to be living in the UK. What happens if I stop claiming benefits? You can keep using your Help to Save account. For more information and to set up your Help to Save account, visit the gov.uk website here.
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