Universal Credit UK: Millions could boost bank balance by £1,200

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The Help to Save account allows certain benefit recipients to get 50p for every £1 they save over four years. The account has a monthly deposit limit of £50, meaning that over the four years Britons could save £2,400 and earn an extra £1,200 boost.

The Help to Save account is Government-backed, ensuring that Britons’ funds are safe and their 50p per £1 bonus is secure. 

Britons do not necessarily have to put money into the account every month, but they cannot put more than £50 in one calendar month. 

They can transfer money into the account through debit cards, standing orders or bank transfers. 

Help to Save also offers an unlimited amount of deposits, so long as the total amount stays below £50. 

READ MORE: Over 60s at risk of missing out on free prescriptions for YEARS amid state pension changes

The account has a set term of four years, with bonuses being paid at the end of the second year and fourth year, based on how much one has saved. 

After the first two years, the bonus will be 50 percent of the highest balance they have saved. 

After four years, the final bonus will be 50 percent of the difference between two sums:

  • The highest balance saved in the first two years
  • The highest balance saved in the last two years. 

DONT MISS: 

There are some additional requirements for each benefit being received. 

People receiving Child Tax Credit must be entitled to, although don’t necessarily need to be claiming, Working Tax Credit. 

Those on Universal Credit must have earned more than £658.64 from work in their last monthly assessment period. 

If one has a joint claim with their partner then they must have earned £658.64 or more together.

Couples will need to apply for the Help to Save accounts separately.

If a person stops receiving benefits while their Help to Save account is still active they can continue using the savings account. 



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