With a third of Brits saving more than they ever have during the coronavirus pandemic, Martin Lewis has shared some vital savings advice for those on low-income or Universal Credit.
Appearing on This Morning via video link, Martin revealed to hosts Ruth Langsford and Eamonn Holmes that low-income earners and those on Universal Credit can take advantage of the ‘nothing can beat it’ savings account – even if you’re only on it for a short period:
“There’s a scheme called ‘Help to Save’ where you’re allowed to put in up to £50 a month for two years, and then you get paid 50% on top of that based on the highest amount you had in.
“So, let’s imagine you put £50 a month in for a year, you’ve got £600, but you have to take the £600 out because you need it for an emergency, at the end of the two years, they’ll still give you 50% on the £600, even if you’ve not got it in there, so £300.
“That’s only available for people on low-incomes, generally people on Universal Credit.
“Crucially, with so many more people on Universal Credit than before, if you’re on Universal Credit right now, you can open it.
“If you come off Universal Credit, you can still keep the account.”
Martin went on to reveal you can open one with just £1 and get started on saving:
“So, I would absolutely, even if you don’t have much to save, if you’re on Universal Credit just for the short term you think, I’d be opening one of those with a quid or something right now, just to give you the access to start saving in it when you need it because nothing can beat that.”
This Morning returns at 10am every weekday.