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For any copyright, please send me a message. According to Martin Lewis, millions of low-income households in the UK could be missing out on thousands of pounds they're entitled to. The Money Saving Expert has issued advice that could give Universal Credit claimants an extra £1,200 in tax free help. According to North Wales Live, Martin is urging people to sign up to the government-backed Help to Save scheme, which around 3.5 million UK citizens are currently eligible for. What is the Help to Save scheme? Help to Save is essentially a type of savings account, which was launched in September 2018 to help those on low incomes. Those eligible can get a 50 per cent bonus on savings over a 2 to 4 year period, which are tax-free. The account is associated with the National Savings & Investment (NS&I) and is therefore backed by the government, which means all savings in the scheme are secure. How does it work? The Help to Save allows account holders to save up to £50 each calendar month, which can be paid by debit card, standing order or bank transfer. Money doesn't have to be paid in every month and there's no limit on how many times you can pay into the account, as long as the total doesn't exceed the £50 monthly maximum. It means that, for example, if you saved the maximum by 10 February then you wouldn't be able to pay anything in again until 1 March. After two-years of saving in the account, you'll receive the first bonus, which will be 50 per cent of the highest balance you've saved so far. This would mean that someone who pays in £25 a month for 2 years - and doesn't withdraw any money - would have a maximum balance of £600 - leading to a £300 tax-free bonus. And then after 4 years, a second and final bonus will be issued if the account holder has continued to save. Follow shopping and consumer writer Rachel Pugh on social media To follow Rachel on click here . Or to like her page click here . Here's a link to the M.E.N.'s main page where we share our latest stories. According to the rules of the scheme though, this bonus will be 50 per cent of the difference between the highest balance saved in the first 2 years and the highest saved during the last 2 years. But if your highest balance does not increase, the second bonus won't be earned - so it's important to top up the account after 2 years if you want another bonus. Using the previously mentioned example, if the individual saved an extra £200 in years 3 and 4 to raise the total to £800 - this would lead to a bonus of £100 (50 per cent of the £200 increase). The most that can be saved over the 4 years is £2,400 which would equate to two bonuses worth £1,200 in total. And as reported by the Liverpool Echo this week, Martin Lewis p
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