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.
The founder of MoneySavingExpert.com explained how the Help to Save Scheme had been due to end this September, but in the underlying details of Chancellor Jeremy Hunt’s Spring Statement, it revealed that the scheme would remain open to new applicants for a further 18-months.
The account can be opened for a maximum of four years, offering a return of up to £1,200, or £300 each year - however, the bonus is only paid at the end of the second and fourth year.
