Martin Lewis issues urgent warning to millions of Brits with savings
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Following a significant shakeup, over half a million Brits are now eligible for a boost on their savings. The Bank of England recently reduced its base rate (the interest rate it charges other banks and lenders when they borrow money) from 4.5 per cent to 4.25 per cent.
This change is good news for households with a tracker mortgage, as their monthly payments are predicted to decrease by around £29. However, those with savings may not be so pleased with a lower base-rate.
Currently, the best savings account available is Trading 212's Cash ISA, offering newcomers an interest rate of 5.07 per cent*. Other savings accounts are currently below five per cent and could potentially drop even further.
Read more: Nationwide warns over major shake-up
However, Martin Lewis has encouraged Brits to check if they're eligible for an 'unbeatable savings product' that offers a staggering 50 per cent boost. "It's called Help to Save," explained the money-saving expert.
He continued: "I'm discussing this now because an additional 550,000 people are now eligible to open the account, bringing the total to 2.7 million. So, who can open it? In short, you need to be on Universal Credit, working, and have earned at least £1 in the last month.", reports the Mirror.
The expert highlighted that initially, only Universal Credit recipients earning a minimum of £793 could open a Help to Save account. "Crucially, that's the situation you have to be in to open the account - if things change, you can keep the product."
For instance, if you qualify for a Help To Save account and set one up - but then find yourself no longer on Universal Credit or not making at least £1 from employment, your savings account remains intact.
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With Help to Save, UK residents can earn a 50p bonus for every £1 saved over a period of four years. However, there's a cap on the amount you can deposit each month.
"You can save between £1 and £50 each calendar month [but] you do not have to pay money in every month," GOV UK states. "You can pay money into your Help to Save account by debit card, standing order or bank transfer and can pay in as many times as you like, but the most you can pay in each calendar month is £50."
You also won't receive the bonus straight away, and will need to wait until the end of the second and fourth year of opening your account. If you save the maximum amount (£50) every single month, you will have saved £2,400 in four years - and a staggering £1,2000 in interest.
After four years, your Help to Save account will close, and you will not be able to reopen the account (even if you remain eligible). "If you close your account early for any reason - you'll miss your next bonus and won't be able to open another one," GOV UK added.
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