Martin Lewis has urged people to apply for the Help to Save scheme if they are on Universal Credit.
On tonight's episode of The Martin Lewis Money Show Live, he told viewers to put money in a government Help to Save account. It allows certain people who are entitled to Working Tax Credit or are receiving Universal Credit to get a bonus of 50p for every £1 they save over four years.
The Help to Save is backed by the government so all savings in the scheme are secure. People can save between £1 and £50 each calendar month and do not have to pay money in every month.
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Martin explained: "If people are able to put £50 in the account each month for two years, you will have £1200 in the account. You will then receive 50% of that which is £600 so the total in the Help to Save will be £1800.
"Then whatever you have in at that point, the bank will add on another 50% after two years and you will get another 50% bonus."
The Help to Save scheme can be accessed here via the government website. To fill out the application, it was explained on The Martin Lewis Money Show Live people need to enter their national insurance number and also upload a form of ID.
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