People who are claiming Universal Credit while they are in work will now have to earn more money or they will be called in by their work coach, according to a change to the Department for Work and Pensions' (DWP) website.
18.03.2024 - 16:25 / manchestereveningnews.co.uk
For many people on low incomes, saving money for a rainy day can seem impossible when there is only a small amount left to put aside each month. However, there is a scheme from HMRC that millions of people on low pay and benefits miss out on every year that can boost the money in your account by up to £1200.
The scheme, called Help to Save, is a government-backed savings bonus that has already paid out more than £146m to low-income savers who put up to £50 into their savings account each month. This can turn £2400 into £3600 after just four years and your money will not be locked away.
Unlike some high interest savings accounts that penalise withdrawals, anyone using Help to Save can withdraw their money at any time and still receive a large cash bonus. As HMRC is trying to reward people for practicing good saving habits, this bonus is handed out at the end of two years, based on the highest balance in the account during that period.
READ MORE: Why DWP universal credit claimants may not get full benefit increase until May
Help to Save is open to anyone who claims Universal Credit while working, as well as some on working or child tax credits, and just requires you to deposit between £1 and £50 into the savings account each month. Even if you start earning too much money to qualify for either of these benefits, you can continue to use the account to save and get the savings bonus.
Simply put, Help to Save is an account in which you can deposit up to £50 each month. After two years of saving, HMRC will calculate what the highest balance you reached in the account was in this period, and then give you half of that total as a bonus.
Over two years, the maximum you could put into the account, over 48 months, would be
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