‘Nothing beats it’ Martin Lewis urges Britons to try and get the ‘best form of savings’

Martin Lewis provides advice on help to save accounts

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On tonight’s episode of the Martin Lewis Money Show, Nigel called in asking the money saving expert if people have to be on Universal Credit for the duration of the four years if they want to open up a Help to Save account. Mr Lewis responded no.

He said: “You have to be eligible for Help to Save when you open it whatever happens after you can keep it.

“If you might be coming off Universal Credit you can just put a £1 in one to open it and then you’ll still have access to use it afterwards.

“It’s the best possible form of savings. Nothing beats it out there at all.”

Millions of Britons could get a bank account boost of up to £1,200 to help with the rising cost of living.

To receive the maximum £1,200 bonus, someone would need to put away £50 a month for four years.

Despite the amount of people claiming benefits, statistics show that only 284,000 Help to Save accounts have been opened to date in November.

This means more than three million people in the UK are walking away from free cash.

In the show Martin Lewis urged viewers to check if they’re eligible for Universal Credit.

Universal Credit has replaced most of the other benefits and at least a million people are missing out.

It’s for those that are unemployed or working on lower incomes.

He said: “The amount you get is based on your household income, your childcare costs and your housing costs.

“You could get up to £1,900 a month you get in some circumstances.”

Martin explained what his rule of thumb is when considering if people may be eligible for Universal Credit.

He continued: “If you have total family income below £30,000, I would absolutely spend time to check if you’re eligible for Universal Credit.

“Spend 10 minutes checking.

“It’s worth doing.”

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