Martin Lewis had an urgent message for anyone claiming universal credit.
Speaking on tonight’s ITV Money Saving Show, Martin called on applicants to take action now.
The founder of MoneySavingExpert was asked by a viewer, Nigel: “For savings assistance, do you need universal credit for four years? ”
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Savings assistance is a type of savings account.
It allows certain people who qualify for the work tax credit or receive the universal credit to get a bonus of 50 pence for every £ 1 saved over four years.
Help to Save is backed by the government, so all program savings are secure.
You get bonuses at the end of the second and fourth years. They are based on how much you have saved.
Martin urged anyone with universal credit, even if they are considering opting out, to create a Help to Save account.
He said: “So you remember that savings aid on Gov.uk is a special savings product that only low income people can get.
“Now what happens is you can put in up to £ 50 per month and then after two years you get a 50% bonus based on the higher amount you had.
“So let’s say you had £ 600, even if you took it out you would have £ 300 paid to you.
“Now, eligibility is when you start out, so if you’re on universal credit early on, you can get it, even if you get a higher income later and get by, you can keep going.
“So all of these people who were on universal credit because of the pandemic and are hoping they will retire, go open one now while you can.
“You won’t beat anything like this in the savings market.”
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