Latest news with #HelptoSave
Daily Record
20-05-2025
- Business
- Daily Record
People on Universal Credit could be due cash bonus of up to £25 a month
More than half a million more people on Universal Credit are in line for the savings boost. Reasons your Universal Credit may be cut by DWP HM Revenue and Customs (HMRC) has announced more than half a million more people on Universal Credit are in line for UK Government bonuses worth up to £25 a month to boost their savings pots and help ease rises in the cost of living. As part of the UK Government's mission to grow the economy, improve lives in every corner of the country and to deliver its Plan for Change, Help to Save is now open to anyone working and receiving Universal Credit, giving 550,000 more people the opportunity to save and earn a bonus, worth up to a maximum of £1,200 over four years. Its extension to April 2027 means more people on a low income can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018. Some 93 per cent of scheme users have paid in the maximum £50 every month to their Help to Save account. In Scotland, 36,050 people have paid in a total of £33,584,000 into their Help to Save accounts, since September 2018. An account can be set up in just a few minutes - you don't have to deposit any money straight away - and easily managed through or the HMRC app, making it accessible to people throughout the UK. Savers who deposit the maximum amount of £2,400 over four years will (£50 per month) receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year. Economic Secretary Emma Reynolds said: 'Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.' Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50 per cent on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.' Savers can deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. Money can be withdrawn at any time, although this may affect the 50 per cent bonus payments. The bonus is determined by the highest amount held in the account. Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024. App users can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order. Michelle Highman, Chief Executive of The Money Charity, said: 'We are really pleased to see the Help to Save scheme extended and made available to more people. It's a brilliant way for people to start to save and to build their financial resilience and futures. 'Saving even just a little each month will help, and the added 50 per cent bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings.' Find out more about Help to Save at Help to Save in a nutshell The Help to Save account is a state-operated scheme which millions of people on a low income, or claiming Universal Credit, could be eligible to join. In simple terms, for every £1 you put in you get a 50p bonus over a period of up to four years. However, you can also take the money out from the account at any time, but there's a catch - the bonus payout is based on the highest amount of money you put in. Even if you're not able to set aside money for savings at the moment, open an account anyway, while you are eligible to do so, because you don't have to put any money in. How payments work You can save between £1 and £50 each calendar month - you don't have to pay in every month. Payments can be made by debit card, standing order or bank transfer. You can pay in as many times as you like, but the most you can pay in each calendar month is £50. You can only withdraw money from your Help to Save account to your bank account. How bonuses work You get bonuses at the end of the second and fourth years - these are based on how much you have saved. Example: If you put £50 in each month for the first two years - a total of £1,200 - your first bonus payment would be for £600, even if you withdraw it all (but you would need to wait until the 24th month or the bonus payment would be less). Similarly, if you then add £50 for the next two years, you would receive another £600 payment. This means that in total, you could earn a free £1,200 and if you kept the money in or the whole four years, you would receive an impressive £3,600 when the account closes. What happens after four years? Your Help to Save account will close four years after you open it. You will not be able to reopen it or open another Help to Save account. You can close your account at any time. If you close your account early you will miss your next bonus and you will not be able to open another one. Eligibility You can open a Help to Save account if you're receiving Universal Credit and you (with your partner if it's a joint claim) had take-home pay of £1 or more in your last monthly assessment period. Your take-home pay is your pay after deductions (such as tax or National Insurance). If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately. You also need to be living in the UK. If you live overseas, you can apply for an account if you're either a: Crown servant or their spouse or civil partner member of the British armed forces or their spouse or civil partner If you stop claiming benefits You can keep using your Help to Save account. Will it affect my benefit payments? You can continue to receive Tax Credits or Universal Credit while saving with Help to Save. For more information and to set up your Help to Save account, visit the website here.
Daily Mirror
19-05-2025
- Business
- Daily Mirror
‘Unbeatable' account for Universal Credit claimants where you can get £1,200
The account lasts four years with bonuses paid after the second and fourth years of the account being opened A savings account once described by Martin Lewis as "unbeatable" could see you earn an extra £1,200. Help to Save is a savings account for people claiming Universal Credit. This account allows you to save between £1 and £50 each month - and for every £1 you save, you get 50p back, which is a 50% return on your money. The account lasts four years with bonuses paid after the second and fourth years of the account being opened. If you're able to save the maximum of £50 each month, you will have saved £2,400 by the end of the four years and accrued £1,200 in bonuses. The bonuses are paid by the Government. You can save less and still get a bonus - for example, if you put away £25 a month over two years, your bonus would be £600 back. The account automatically closes after four years. Martin Lewis previously said of the Help to Save account: "Help to Save is by far the best-paying form of savings. If you're on Universal Credit, in work and earn £1+, you can get a 50% boost on what you save – even after you withdraw it!" Help to Save was due to end in April 2025, but in Budget documents, it was confirmed it has been extended by a further two years until April 5, 2027. Anyone who claims Universal Credit can open a Help to Save account providing they earned at least £1 from work in your last monthly assessment period. If you're in a couple, you and your partner can both open separate Help to Save accounts. You can open your Help to Save account through or the HMRC app. But keep in mind, if you have savings elsewhere, having a Help to Save account could potentially see your benefits reduced if you go over a certain threshold. You can only have up to £6,000 in savings if you claim Universal Credit or Housing Benefit. This would include any savings in your Help to Save account. HMRC recently posted about Help to Save on social media, to encourage people to open an account. They said: "More people than ever can sign up for Help to Save. For every £1 you save, the government adds 50p. That could mean up to £1,200 in bonus payments over four years. Find out how to apply today through the HMRC app."
Scottish Sun
16-05-2025
- Business
- Scottish Sun
Six things anyone on Universal Credit can get for free this month and you could save £620
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) HOUSEHOLDS on Universal Credit can make the most of six freebies and save up to £620 this month. The benefit opens up a host of additional perks - ranging from discounted broadband and mobile tariffs to cut-price days out. 1 Households on Universal Credit can get freebies worth £624 Credit: Alamy Here are six of the things anyone on Universal Credit can claim this month worth up to £624. Social tariffs - £25 Social tariffs are broadband or mobile packages open to those on certain benefits including Universal Credit. Ofcom has a list of firms offering the tariffs on its website via The regulator says they can save you up to £200 a year, although you might be able to save more. The Sun spoke to one mum-of-two who saved £300 on her yearly internet bill by signing up for one of the deals - £25 a month. Days out - £20 A number of popular family attractions offer discounted tickets to those on Universal Credit. London Zoo offers tickets from £3 with standard ticket prices starting from £19.40 so there are some decent savings to be had. Aviva Studios in Manchester offers £10 Universal Credit tickets too, with standard prices sometimes worth up to £30. Savings boost - £25 If you're on Universal Credit and earned at least £1 in your last assessment period, you can open a Help to Save account. These accounts offer you a free 50% bonus on any savings made over a four year period. How does work affect Universal Credit? You can add a maximum of £50 into one of the accounts every month meaning you could effectively earn £25 free cash this month. Bonuses on Help to Save accounts are only paid out after two and four years though, so you'll have to wait for your cash. It comes after the government recently announced it was majorly opening up the eligibility criteria for Help to Save. You used to have to earn £846.56 or more in your last assessment period to qualify but now this threshold has been reduced to £1. Pregnancy grants - £500 You might be able to get £500 or more in free cash if you're a new or expectant mother - through the Sure Start Maternity Grant. The grants are issued to those on benefits including Universal Credit to cover the cost of having a new-born or adopted baby. You won't qualify if you have any other children under 16 though, unless you're expecting twins or triplets. Healthy start - £34 New or expectant parents can get up to £442 worth of free food a year through the Healthy Start scheme. Anyone more than 10 weeks pregnant or with a child under four years old and on benefits including Universal Credit can apply. If eligible, you are issued with a card which you can use in a number of supermarkets and retailers. But you can only use the card to buy certain products such as cow's milk, fresh, frozen and tinned fruit and vegetables and tinned pulses. Those eligible can claim £4.25 each week from the 10th week of pregnancy, £8.50 each week from birth to one year old and £4.25 a week for children between one and four years old. Discounted gym memberships - £20 Those on Universal Credit can, in some cases, claim discounted gym memberships. The cheaper tariffs are often available to those receiving a range of benefits including Universal Credit and Jobseeker's Allowance. Providers offering the tariffs include Better Leisure and Everyone Active, who offer many sports and leisure centres across the country. There may be some restrictions attached to the tariffs, such as off-peak only access and prices can vary across different locations. But, at Better Leisure prices can be as low as £5 a month compared to around £25 for its cheapest standard membership. Are you missing out on benefits? YOU can use a benefits calculator to help check that you are not missing out on money you are entitled to Charity Turn2Us' benefits calculator works out what you could get. Entitledto's free calculator determines whether you qualify for various benefits, tax credit and Universal Credit. and charity StepChange both have benefits tools powered by Entitledto's data. You can use Policy in Practice's calculator to determine which benefits you could receive and how much cash you'll have left over each month after paying for housing costs. Your exact entitlement will only be clear when you make a claim, but calculators can indicate what you might be eligible for. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
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.
