‘Unbeatable’ bank account for millions on Universal Credit that could help you save £300 in 2025
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MILLIONS on Universal Credit could earn £300 free cash in 2025 through an "unbeatable" bank account. Help to Save is a savings account that gives you a 50% bonus on any money you've stashed away. Anyone on Working Tax Credits and those on Universal Credit earning over a certain limit can open one.
![[Help to Save accounts are ideal for those on benefits looking to build up a savings pot]](https://www.thesun.co.uk/wp-content/uploads/2024/11/accounting-calculate-expenses-receipt-invoice-889565602.jpg?strip=all&w=960)
You put in between £1 and £50 each calendar month and save into one for up to four years. You receive your bonus at the end of the second and fourth years, with the maximum bonus worth £1,200. Put away the maximum £50 per month in 2025 and you could earn £300 over the year - 50% of £600.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: "This is a brilliant scheme, with government bonuses that are so generous that the returns can’t be beaten by any other savings product. "It’s also super flexible, so it can fit in around your needs, which makes it ideal for people on low incomes.".
According to the government, around 517,000 Help to Save accounts have been opened since 2018, when it was launched. MoneySavingExpert.com founder Martin Lewis has branded the account "unbeatable" too. But David Cameron, who launched the scheme as Prime Minister, said up to 3.5million people could be eligible for Help to Save, meaning millions are missing out.
Help to Save is a type of savings account available to those on Tax Credits and Universal Credit. It is a government-backed scheme which means your money is protected and you won't lose any put in. Currently, you can only open a Help to Save account if you are on Universal Credit and you, or you and your partner, had take home pay of £793.17 or more in your last monthly assessment period.
