Those on a low income may be eligible for a bonus of more than £1,000 sent directly into their bank account.
UNIVERSAL CREDIT and Working Tax Credit claimants may be eligible to get a tax-free increase to their bank account of more than £1,000 over time.
This is done through the Help to Save scheme, which is a savings account that offers a 50% premium on savings. Because it is supported by the government, depositors may be certain that their money is safe in the plan.
Given the account’s 50 percent incentive, some may question if there are any restrictions on how much money can be deposited.
This is correct, as any amount between £1 and £50 per calendar month can be paid in.
However, money does not have to be paid in on a monthly basis.
Furthermore, one can make as many deposits as they want each month as long as they don’t exceed the £50 limit each calendar month.
The bonuses will be paid at the conclusion of the second and fourth years, not immediately.
The amount earned will be determined by the amount of money in the account.
A first bonus will be granted after the account has been open for two years and has been utilized to save.
This will be 50% of the highest saved balance.
If the account has been used to continue saving for four years, a final bonus will be earned.
This bonus will be equal to 50% of the difference between two figures:
A final bonus will not be awarded if the highest balance does not improve.
Because the maximum amount that can be deposited into the account each calendar month is £50, the total amount that can be deposited into the account over four years is £2,400.
As a result, the greatest bonus money that may be received from these funds in four years is £1,200.
Instead of being deposited into a Help to Save account, the bonus is sent directly into the person’s bank account.
It’s vital to understand that putting money into a Help to Save account may impact a person’s eligibility for certain benefits and the amount of money he or she receives.
If you meet the following criteria, you can open a Help to Save account:
A person must also reside in the United Kingdom.
Some people who live abroad may be eligible to open an account, for example, if they are: