Hundreds of thousands of Britons are missing out on a £1,200 bonus – are you one of them?

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Millions of Britons are missing out on a £1,200 bonus – are you eligible?

MILLIONS of Britons could receive a £1,200 boost to their bank accounts to help with rising living costs.

Many families will be looking for ways to save for the year ahead, as well as ways to earn extra money, as 2022 begins. The Help of Save scheme was launched by HMRC in 2018 to assist those on low incomes in starting to save money.

3.5 million people in the United Kingdom who receive Universal Credit, Working Tax Credits, or Child Tax Credits are eligible for the scheme.

Those who qualify can receive a 50p bonus for every £1 they save over four years.

Because Help to Save is backed by the government, your savings are safe.

Despite the large number of people applying for benefits, only 284,000 Help to Save accounts were opened in November, according to statistics.

This means that more than three million people in the United Kingdom are missing out on free money.

Each month, individuals can save anywhere from £1 to £50.

For example, if someone saves £50 by March 14, they won’t be able to deposit funds into their account until April 1.

To receive the maximum bonus of £1,200, someone would have to save £50 per month for four years.

People are paid a 50% bonus at the end of the second and fourth years.

It’s deposited into an easy access account, allowing savers to make withdrawals if necessary – though be aware that doing so may reduce the overall bonus available.

The total amount saved over the four years would be £2,400, plus £1,200 from the government.

UK residents who are:• Receiving Working Tax Credit or Child Tax Credit• Entitled to Universal Credit and have earned income of at least 16 hours per week at the National Living Wage (from April 1, 2021, this is equivalent to £617.76 per month) in the previous assessment period are eligible to open a Help to Save account.

Those on Universal Credit or Working Tax Credit will continue to receive their benefits while saving through Help to Save.

The majority of those who qualify will be employed.

However, if a person is no longer working due to the coronavirus, but their partner is, they may still be eligible for benefits.

People who claim Universal Credit together and have a combined income of more than £617.73 in the previous assessment period will be able to open a joint account.

“News from the Brinkwire.”

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