Martin Lewis says millions of benefits claimants could get free £1,200

Martin Lewis has said low-income workers on benefits could get a 50% return on their earnings with a special savings account.

The Money Saving Expert founder explained on Twitter how people claiming Universal Credit or Working Tax Credit could get a bonus of up to £1,200 on their savings with a Help to Save account.

What is a Help to Save bank account?

Help to Save is a type of savings account open to low-income workers claiming Universal Credit or Working Tax Credit.

Through the account the government offers a bonus of 50p for every £1 you save, meaning you get a 50% return on your money. This account lasts for four years with a maximum of £50 being paid in each month.

If you save the maximum amount each month for the four years you have the account, you could end up with a bonus of £1,200.

Even if you save less, you can still get a bonus. For example, if you save £25 a month over two years, you would still get £600 back.

In a tweet, Martin wrote: “Are you, or someone you know on Universal Credits or other benefits? Do look at Help To Save.

“You can put up to £50/mth in, then after 2yrs get a 50% bonus on the most you had in there (even if you’ve taken it all out). Unbeatable!”

How to open a Help to Save account

A Help to Save account can be opened through the Gov.uk website or by calling 0300 322 7093.You could be eligible for a Help to Save account if you live in the UK and:

- Receive Working Tax Credit- Are entitled to Working Tax Credit and receive Child Tax Credit- Claim Universal Credit and you (with your partner if it’s a joint claim) earned £604.56 or more from paid work in your last monthly assessment period