Universal Credit and Working Tax Credit claimants may be able to get £1,200 ...

This Morning: Martin Lewis discusses Help to Save scheme

With the UK now well into another period of lockdown restrictions, many will be experiencing financial concerns. Saving is not going to be at the forefront of everyone's minds, but it may be that some can open a savings account in order to benefit in the long-term.

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The account being referenced to is called Help to Save, and this is scheme which is intended for people who are on a low income.

It enables certain people who are entitled to Working Tax Credit or receiving Universal Credit to get a 50 percent bonus on savings paid into the account.

The account is intended for savings over the course of four years, and savers get a 50 pence bonus for every £1 they pay into it.

For those worried about how safe their money would be, they can rest assured Help to save is backed by the government, meaning all savings in the scheme are secure.

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Universal Credit UK logo from DWP and calculatorUniversal Credit UK: Claimants may be able to get a £1,200 bonus payment (Image: GETTY)

There is a limit as to how much can be paid into the account each month.

Between £1 and £50 can be saved in the account each calendar month, however, it's important to note that money does not need to be paid into the account each month.

There are various ways to pay into the account.

This can be done by debit card, standing order or bank transfer.

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Bonuses are not paid immediately, but rather at the end of the second and fourth years.

The size of the bonus is based on how much money has been saved.

After the first two years, the first bonus will be paid - provided the account has been used to

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