Martin Lewis shares how millions can get 50% bonus on savings account

Martin Lewis shares how millions can get 50% bonus on savings account, with one catchThe Martin Lewis Podcast

Transcript

00:00The best savings product possible is one that pays you a whopping 50% bonus on what you put

00:05in there. It's called Help to Save. It's available via gov.uk, but it is only for those who work and

00:12are on universal credit. Even if you just earn a pound from work, you count. And once you've got

00:17it open, even if you're no longer on universal credit, well, you can keep using it. Here's how

00:22it operates. You can put in up to 50 pounds a month and you get a bonus of 50% on the maximum

00:27you had in it over the first two years. So you put in 50 quid, 50 quid, 50 quid, 50 quid,

00:3150 quid, 50 quid a month. Let's say you've got 500 pounds. Once you've got 500 quid, you

00:35have an emergency. You have to take that cash out. You can't afford to put anything in for

00:39the remainder of the two years. Doesn't matter. The maximum you had in was 500 quid. 50% of

00:44500 quid is 250 quid. That's the bonus that you get.