Universal Credit claimants could be missing out on £1.2k bonus from Help to Save

Universal Credit claimants could be missing out on £1.2k bonus from Help to Save

Do you claim Universal Credit? If so, you could be missing out on a mega bonus.

The Help to Save scheme gives you extra money on top of your own savings worth up to £1,200.

So for each £1 you set aside into a special account, the government will you give you 50p on top.

And if you save the maximum amount each year, you could earn a bonus of £1,200 over the four years.

To get the maximum bonus you will need to save £2,400 over the same time, which is £50 per month.

Just over a quarter of a million people have opened up a Help to Save account since it launched back in September 2018.

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According to the latest figures from the government, 284,050 of the accounts are open with 20,000 more than the start of the year.

However it does mean millions who are eligible for the scheme could be missing out.

Also around 3.5million people were estimated to be eligible for an account when the Help to Buy scheme first launched.

But Universal Credit claims have surged since the pandemic so more people could now get an account.

Help to Save is great for people who can afford to put money away each month or week.

The scheme is available to people who receive working tax credit, entitled to it and get child tax credit.

You can apply if you (with your partner if it's a joint claim) earn £604.56 or more from paid work in your last monthly assessment.

To apply for an account, you must head to the GOV.UK website but you will need a government gateway user ID and password.

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If you don't have a user ID, you can create one when you apply.

Alternatively you can get an account by calling 0300 322 7093.

You will need to provide your bank details when you apply as the bonus is paid into your account, rather than your savings.

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