Are you eligible for the Help To Save scheme?
Help to Save is a type of savings account. It allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years.
You can put up to £50 a month into your account and after the first two years you’ll receive a 50% bonus paid into your bank account. After another 2 years you’ll receive another on anything you continue to pay in.
It’s backed by a government so your money is secure.
Whilst I wouldn’t usually say for people on a low income to try and put £50 a month away, whatever you can afford to, is worth is. You get 50%, that’s a FIFTY PERCENT bonus on the highest amount you have in after 24 months. If you’re able to put the maximum in per month that’s a £600 bonus after 2 years. If you put £10 a month away, that’s still £120 bonus!
More info on the Government website here.