2 weeks Ago By [email protected] (James Rodger, Cait Findlay)
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More info × Group 28 Thank you for subscribing! We have more newsletters Show Me No thanks, close See our Privacy Notice Universal Credit claimants are being told to check if they are eligible for a £1,200 bonus. The deadline to benefit from the Department for Work and Pensions (DWP) Help to Save scheme is getting closer. The initiative grants a 50p reward for every £1 saved over a period of four years.
Savers can accumulate a maximum bonus of £1,200. Those eligible are people entitled to Working Tax Credit or receiving Universal Credit. Myron Jobson, Senior Personal Finance Analyst at interactive investor, told The Sun: "On paper, Help to Save is a great initiative to help instil a culture of savings among the nation's most cash-strapped individuals.
But for those who've felt the full force of the cost-of-living squeeze, the priority has been to stay above the breadline. Read next: DWP's new rule could strip billions from those on Universal Credit Read next: State Pension errors could mean thousands owed to specific groups of women "For those who can afford it, a 50 percent savings bonus is too good a carrot to pass up. Remember, the bonuses are paid after the first two years and again at the end of the four-year period.
"As such, the first bonus of £175 would be paid two years from the account opening date, which would be in October two years later." That is the timeline those eligible for the scheme can expect, reports Birmingham Live . According to GOV.
UK, you can save between £1 and £50 each calendar month, but do not need to pay in money every single month. You can pay money into the Help to Save account by debit card, standing order, or bank transfer. Myrtle Lloyd, HMRC's Director General for Customer Services, said: "Help to Save can encourage positive saving habits – no matter what you can afford to save – and the 50 percent government bonus payment can help savers when they need it most.
It is quick and easy to apply online or via the HMRC app, just search 'help to save' on GOV.UK to find out more." Economic Secretary to the Treasury Andrew Griffith said: "Millions of people could benefit from a boost to their savings through Help to Save and thanks to our Spring Budget reforms the scheme has been extended until 2025.
Whatever amount you can save will trigger a top up from the Government, so take advantage and apply today." Story Saved You can find this story in My Bookmarks. Or by navigating to the user icon in the top right.
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