Martin Lewis is encouraging people on a low income or currently claiming Universal Credit or tax Credits to take advantage of a unique savings scheme which could provide an extra cash boost of up to a maximum of £300 each year. In a special post-Budget edition of The Martin Lewis Money Show Live, the financial expert encouraged viewers to consider opening a UK Government Help to Save account and take advantage of the 50 per cent bonus structure it offers.
Martin explained how it doesn’t matter how much you withdraw, the bonus is paid depending on the highest amount you had in the account over each two-year period. Martin simplified the rules of the bonus structure by saying that if you put in the maximum amount of £50 each month for 12 months, that gives a total of £600. If you need money for an emergency, and withdraw the £600 leaving you with no money in the account, and you put no more money in over the two year period, your bonus will be £300 because it is 50 per cent of the highest amount you had in the account.
It is also possible to take the money out from the account, but there’s a catch - the bonus payout is based on the highest amount of money you put in.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Massive Universal Credit change to be revealed that risks benefits being CUTMORE than 100,000 Universal Credit claimants will have to step up their search for work or face having their benefits cut, Jeremy Hunt will confirm today. The Chancellor is announcing plans to rais…
Source: TheSun - 🏆 64. / 61 Read more »
New Universal Credit pilot scheme to go live in 90 jobcentres by end of MarchNew Universal Credit pilot scheme due to go live in 90 jobcentres before end of this month
Source: Daily_Record - 🏆 9. / 89 Read more »
Universal Credit changes announced which could affect millions on benefitsJeremy Hunt revealed the government's intentions to get more people on Universal Credit back into the workforce
Source: MENnewsdesk - 🏆 23. / 69 Read more »
Nine Universal Credit and benefits changes revealed in the Spring BudgetMILLIONS claiming Universal Credit and benefits could see their payments change after the Chancellor delivered his Spring Budget. Jeremy Hunt announced several major changes for those claiming supp… Harsher sanctions? JFC that is not something it needs. Punishing those who are already at the very bottom is a weird way to be going about this.
Source: TheSun - 🏆 64. / 61 Read more »
Parents could lose benefits under plans to get universal credit claimants into workCritics said the measures could 'backfire' and end up penalising the poorest families, who are already struggling due to the cost of living crisis Tories still following the old trope, make the rich richer so they’ll work harder, make the poor poorer to make them work harder.
Source: i newspaper - 🏆 8. / 89 Read more »
DWP issue fresh warning to millions of Universal Credit claimantsThe changes include a new white paper on disability benefits, which will remove the controversial workplace capability assessment
Source: nottslive - 🏆 96. / 52 Read more »