Latest news with #HelpToSave
BBC News
13-05-2025
- General
- BBC News
Colletta on getting the most from your savings
To check your savings are covered by the FSCS click here, external. Find out more about the Help to Save scheme here., external
Wales Online
13-05-2025
- Business
- Wales Online
Martin Lewis issues urgent warning to millions of Brits with savings
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info 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. For the latest financial tips and deals, join our Money WhatsApp group by clicking here. Our community members enjoy exclusive offers, promotions, and adverts from us and our partners. 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.
Daily Mirror
13-05-2025
- Business
- Daily Mirror
Martin Lewis urges millions to get '50% boost' on savings but there's a catch
Money-saving guru Martin Lewis has urged Brits to check their eligibility for an 'unbeatable savings product' that could offer a £1,200 bonus. However, not everyone will be able to open the account More than half a million Brits are now eligible for a boost on their savings, following a major shakeup. Last week, the Bank of England cut its base rate (the interest rate that it charges other banks and lenders when they borrow money) from 4.5 per cent to 4.25 per cent. The move will be welcomed by households with a tracker mortgage, with predictions their monthly payments will be reduced by around £29. However, a lower base-rate tends to be bad news for those with savings. At the time of writing, the best savings account on the market is Trading 212's Cash ISA - which is offering newbies a 5.07 per cent interest rate*. Other savings accounts currently lie below five per cent - and could decrease even further. However, Martin Lewis has urged Brits to check whether they're eligible for an 'unbeatable savings product' that currently offers a 'jaw-dropping' 50 per cent boost. "It's called Help to Save," the money-saving guru explained. "I'm talking about this now as an extra 550,000 people are now eligible to open the account, bringing the total to 2.7 million. So, who can open it In a nutshell, you have to be on Universal Credit, working, and have earned at least £1 in the last month." The expert went on to explain that opening a Help to Save account was previously reserved for Universal Credit claimants who earned at least £793. "Crucially, that's the situation you have to be in to open the account - if things change, you can keep the product." For example, if you match the criteria for a Help To Save account and open one - but then end up coming off Universal Credit or stop earning at least £1 from work, you will not lose the savings account. Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. Help to Save - how much can I earn? Help to Save offers Brits to earn a 50p bonus for every £1 they manage to save over four years. However, there are limits on how much you can stash away every 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. *Trading 212 currently offers a 4.35% variable, but has a one-year 0.72% bonus for new customers.
The Sun
07-05-2025
- Business
- The Sun
I followed Martin Lewis tip and got £1,200 free cash bonus while on Universal Credit
A UNIVERSAL Credit claimant has revealed how a simple savings hack helped her pocket a £1,200 free bonus cash. Claire spotted a savings tip on TV and four years later, she's sitting on a £1,200 bonus thanks to one simple move recommended by Martin Lewis. 1 The savvy saver, who was on Universal Credit when she opened her Help to Save account, has now officially cashed out after diligently putting money away each month and she's urging others not to miss out. She shared her story with Martin Lewis ' Money Saving Expert team, saying: 'I've saved for the last 4 years... I'm about to cash out my last £2,400 plus my second £600 bonus, so £3,600 in total. "It was tight some months, but I always pulled the cash together to get the max back! Thanks for the tip all those years ago!' Claire's bonus came from the Help to Save scheme, which is a Government-backed savings account that rewards low-income earners with 50p for every £1 they put away. It's designed for those on Universal Credit or tax credits, and it's been described by Martin as 'totally unbeatable'. The account allows users to save between £1 and £50 per month over four years. After two years, savers get a 50% bonus on the highest balance they held, even if they dipped into it. Then, if they carry on saving for another two years, they get another 50% bonus based on what they added in years 3 and 4. Just by saving £50 a month, she unlocked the full £1,200 in free Government money. Now, anyone on Universal Credit who earned at least £1 in the last month can open an account. Skipton free ISA buns Previously, only those earning £793.17 or more in take-home pay per month could apply, but from April 6, the threshold was lowered dramatically. That's an extra 550,000 people now eligible, bringing the total pool to 2.7million. Once you open an account, you can save anything from £1 to £50 a month. After two years, you get a tax-free bonus equal to 50% of the highest amount you had in the account, even if you withdrew it. Then, you can continue saving for another two years and earn a second bonus calculated on the increase in your balance. That means over four years, savers could walk away with £1,200 in free Government cash on top of the money they've set aside. The Money Saving Expert explained: 'Even if you only save a few pounds a month, the rewards are unmatched. It's rare I use the word 'unbeatable' but this truly is.' Better yet, the account is easy-access, meaning you can withdraw money whenever you need to which is a lifeline for many juggling tight budgets. However, there is a caveat. If your total savings, including Help to Save , exceed £6,000, it could reduce your Universal Credit payments. But for most savers who stick to the scheme alone, this won't be a problem. Also, the bonus itself isn't counted towards the threshold, only what you've physically deposited. There's one situation where Help to Save might not be the best option and that's if you're carrying expensive debt. In that case, it could be wiser to pay down what you owe before building up savings. But for everyone else, it's a financial no-brainer. And the perks of being on Universal Credit don't stop there. Claimants can also get up to 85% of childcare costs covered, access Sure Start Maternity Grants worth £500, and apply for support from the £421million Household Support Fund via their local council. You can cash in on £29,000 worth of free cash and benefits. If you're unsure whether you're eligible for Universal Credit or Help to Save, you can check using tools. In a cost-of-living crisis, this could be the most rewarding £1 you ever. One major perk to Help to Save is that you can start adding into it from just £1 a month. Another is that you can dip into your savings at any point in case of an emergency. One major drawback is that you can only receive the bonus at the end of the second and fourth years. Another is that withdrawals can take up to three working days to process meaning you're left waiting for emergency cash.
