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<\/p>\nMARTIN Lewis has revealed a trick to earn an "unbeatable" 50% interest on your savings.<\/p>\n
The consumer champion revealed the tip in MSE's weekly newsletter.<\/p>\n
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The trick is for those on Universal Credit or tax credits and comes in the form of the Help to Save scheme.<\/p>\n
Help to Save is a type of savings account dedicated to those on these benefits.<\/p>\n
Under the scheme, the government gives you 50p for every \u00a31 you save in your account over four years.<\/p>\n
You are allowed to save between \u00a31 and \u00a350 each calendar month and pay the money via standing order or bank transfer.<\/p>\n
You can then withdraw any bonus you've received at the end of the second or fourth year.<\/p>\n If you put the maximum \u00a350 in for the four-year period it means you would get \u00a31,200 in free cash from the government.<\/p>\n Recent figures have shown that millions of claimants are still missing out despite being eligible.<\/p>\n Writing in the latest newsletter Martin said: "Are you on Universal Credit or Tax Credits? You may qualify for an unbeatable 50% Help to Save bonus."<\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n He also said "nothing else comes close"and it's "great for financial resilience".<\/p>\n One fan called Anoushka also wrote in to share her success with the account. <\/p>\n She said: "I'm nearly at the end of my four-year 'Help to Save' after religiously depositing the max \u00a350 each month. <\/p>\n "So I'm nearly due my 2nd \u00a3600 cash bonus. I strongly advise anyone eligible to take advantage of it and to do your best to keep up with the max. <\/p>\n "I've got used to being \u00a350 worse off each month and the time has flown by – now I will feel 'better off'."<\/p>\n Anoushka added that "it's quite addictive once you get used to it".<\/p>\n You can open a Help to Save account if you are receiving:<\/p>\n Take\u00a0home\u00a0pay is the amount you receive after tax, insurance, and other deductions are removed from your gross monthly salary.<\/p>\n If you are in a couple, you and your partner can apply for separate Help to Save accounts, but you will have to apply individually.<\/p>\n You will also need to be living in the UK to qualify for the scheme.<\/p>\n However, if you live overseas, you can apply for an account if you're either a:<\/p>\n You can also carry on saving into a Help to Save account even if you come off benefits.<\/p>\n You can apply for an account on www.gov.uk but you'll need a government gateway ID and password.<\/p>\n You can create a user ID when you apply if you don't already have one.<\/p>\n Meanwhile, if you don't have access to a computer or phone with\u00a0an internet\u00a0connection, you can call 0300 322 7093 to set up an account.<\/p>\n Martin has also compiled a list of other ways to get great interest on your savings.<\/p>\n One of these is the Lifetime ISA or "LISA", which is a good option for potential first-time buyers.<\/p>\n There's a big 25% bonus available via LISAs if you're buying a first home under \u00a3450,000. <\/p>\n Martin said: "Apart from Help to Save it's an absolute winner if it's right for you."<\/p>\n Another fan wrote in and said: "Another Lifetime ISA success for you – I saved for seven years and my partner six, so we got \u00a313,000 towards our deposit from the government."<\/p>\n With interest that got the pair a 20% deposit on a \u00a3330,000 property which they completed on a few months ago.<\/p>\n Another tip is to not turn your back on investing. <\/p>\n He wrote: "There's nowt wrong with investing. With investing, you aim for higher returns but accept the risk you could lose some or all of your initial investment. <\/p>\n "I don't talk about it much, not because we're against it, just because it's not my or MSE's area of expertise."<\/p>\n Martin added that over the longer run, he sees investing as the "right call". <\/p>\n Although, he recommended doing your own research on Stocks & Shares ISAs.<\/p>\n He also issued a word of warning to those with any debt to pay that off before thinking about saving any cash.<\/p>\n![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/11\/crop-24800583-1.jpg\")
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Other interest-boosting tricks<\/h2>\n
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