In September 2018, the UK goverment launched it's latest Help to Save scheme, designed to assist those on a low-income to save money.
Help to Save is a type of savings account which allows those who are entitled to Working Tax Credit or receiving Universal Credit, to get a bonus of 50p for ever £1 saved over four years.
A maximum of £50 can be saved each calendar month and bonuses are awarded to account holders at the end of the second and fourth year, which are based on how much has been saved in total.
After four years, the Help to Save account will be closed, and the account holder will keep all the money accumulated.
You can open a Help to Save account if you're either:
Please note, payments from Universal Credit do not count as part of your household income.
If you live overseas, please click here to check your eligibility.
To read more about Help to Save, including how to apply, please see the Government's website, here.