💡 Martin Lewis’ Top Savings Tips for Universal Credit Claimants! 💡
Attention, savvy savers! Martin Lewis is back with a must-know tip for those on Universal Credit. During his latest podcast episode, he spotlighted the “Help to Save” scheme by the DWP – and it’s a game-changer!
Here’s the scoop: If you’re on Universal Credit, you can earn a fab 50% bonus on your savings. For every £1 you tuck away, the government adds 50p. Over four years, you can save up to £2,400, bagging you a whopping £1,200 bonus!
👉 How Does It Work?
– Save between £1 and £50 each month.
– Bonuses are paid in two stages: after two years and at the end of four years.
– Your bonus is based on your highest balance!
Why miss out on free money? This is perfect for building up a nest egg. 💰
Plus, Martin touched on mortgage overpayments versus savings. His golden rule? If your mortgage rate is higher than the best post-tax savings rate, consider overpaying your mortgage!
But, for those keen on regular saving accounts, check out options like Nationwide’s Flex Regular Saver offering 6.5% or Zopa’s Regular Saver with a 7.1% rate! Just remember, there are monthly deposit caps.
Don’t let these insights pass you by – take advantage of every saving opportunity! 💸
#Savings #UniversalCredit #HelpToSave #MartinLewisTips #SmartFinance