Martin Lewis has explained how millions of people can get a 50 per cent bonus on their savings account.
Speaking on his The Martin Lewis Podcast, the MoneySavingExpert founder revealed how a Help to Save account works.
He explained that those receiving Universal Credit who also had take-home pay of £1 or more in their last monthly assessment period.
Government statistics show that there were 2.7 million people on Universal Credit in employment for December 2024.
Account holders earn two tax-free bonuses over four years. The first bonus will be paid after the first two years if you've been using your account to save, and it will be 50 per cent of the highest balance you’ve saved.
The final bonus will come after four years, which will be 50 per cent of the difference between two amounts: the highest balance saved in years one and two, and the highest balance saved in years three and four.
The most you can pay into your account each month is £50.
