Great news for Universal Credit claimants! 🎉 You could be in for some extra cash each month, thanks to bonuses from HMRC. As the cost of living continues to pinch, hundreds of thousands of people on Universal Credit might receive a boost of up to £1,200 over time.
So, how does it work? The Help to Save scheme lets you save up to £50 a month, and in return, you’ll bag a 50% bonus. Yes, that’s right— an extra £1,200 if you save the max over four years! This bonus lands in your bank at the end of the second and fourth year.
Originally slated to end in 2027, the scheme is now here to stay, following an exciting announcement from Chancellor Rachel Reeves. More families on Universal Credit will soon be able to open a Help to Save account and start earning those bonuses.
As of now, over half a million people have taken advantage of this scheme, saving a total of £588.2 million. Lucy Rigby, Economic Secretary to the Treasury, shared that the Government’s effort has boosted savings by around £220 million.
Deposits are easy—via debit card, standing order, or bank transfer. Remember, while you can withdraw at any time, it might affect your bonus.
This is a fantastic opportunity to build financial resilience and help put a little extra money in your pocket. 💷 Keep an eye on this space for more updates and happy saving! 🎉