Universal Credit recipients can get a £1,200 bonus in their bank account – are you eligible for a bonus | Personal finance | Finance
Beneficiaries of UNIVERSAL CREDIT may be able to get up to £1,200 to boost their savings through the Government’s Savings Assistance Scheme.
The program was specifically designed to help increase savings by 50%.
People who qualify for Working Tax Credit or who receive Universal Credit can save between £1 and £50 per calendar month.
Specifically, they get a bonus of 50 pence for every pound saved over four years.
They don’t need to pay money every month.
Money can be paid into a Savings Aid account by debit card, wire transfer or wire transfer.
It is possible to pay in as many times as you wish.
However, the maximum a person can pay in any calendar month is £50 (equivalent to £2,400 over four years).
The maximum one can save in four years with bonus money is £1,200.
For example, if someone has saved £50 before March 8, they won’t be able to pay until April 1.
It is possible to obtain bonuses at the end of the second and fourth years.
These are based on how much a person has saved.
Specifically, a person can earn two tax-free bonuses during this period.
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They will get these bonuses even if they withdraw money.
The first bonus comes after the first two years.
This will be 50% of the highest balance a person has saved.
After four years, they will receive a final bonus if they continue to save.
This bonus will be 50% of the difference between the highest balance saved in the first two years and the highest balance saved in the last two years.
If a person’s highest balance does not increase, they will not earn a final bonus.
It is important to note that the bonus is paid into a bank account and not into a Savings Aid account.
People can only withdraw money from a Savings Help account to their bank account.
Withdrawals can take up to three days and any money withdrawn will affect a person’s bonus payout.
Indeed, withdrawing money makes it more difficult to obtain the highest balance and to obtain the largest possible bonuses.
Help to Save is a savings plan for low-income people who qualify for certain benefits.