Universal Credit claimants may be entitled to a £1,200 bonus - eligibility & how to claim
Universal Credit is overseen and administered by the Department for Work and Pensions (DWP), responsible for ensuring all those entitled receive the correct sum. Universal Credit is designed to help individuals who are either on a low income or out of work entirely with regular payments. These payments help with the day-to-day cost of living, and can prove a lifeline, particularly amid the ongoing pandemic.
But it is important to note the bonuses, which are the main draw for the scheme, work in a particular way.
Britons can expect to gain two tax free bonuses over the four year period, even if money is withdrawn.
After the first two years, people will receive a bonus if they have been using their account to save – set at 50 percent of the highest balance but away.
The four year bonus is set at 50 percent of the difference between the two amounts.
As the most a person can pay into their account each calendar month is £50, a maximum savings bonus is £1,200.
Bonuses are paid into a person’s bank account, rather than their Help to Save account.
However, it is worth noting who is eligible to start the account and thus receive the bonus, as for Universal Credit claimants, there are particular rules to bear in mind.
Universal Credit claimants can open a Help to Save account if they – and their partner if it is a joint claim – earned £604.56 or more from paid work in the last monthly assessment period.
For people who receive payments as a couple, Help to Save accounts can be applied for individually, but must be done separately.
People will also need to be living in the UK in order to start a Help to Save account, apart from those in exceptional circumstances.
Help to Save bonuses will also not affect Universal Credit payments a person receives, and so individuals can save without reticence.
To apply for a Help to Save account, Britons are encouraged to visit the government’s website.
Here, they can access the government’s portal with their Gateway user ID and password, or set this up when applying.
Individuals will need their UK bank details to hand when applying for the Help to Save account.
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