People who claim Universal Credit urged to double-check for £1,200 bonus

People who claim Universal Credit from the Department for Work and Pensions ( DWP ) are being told to double-check their eligibility for a £1,200 bonus. Time is running out to secure the payments from the DWP, in the form of the Help to sabe scheme.

The Help to Save scheme grants a generous 50p reward for each £1 tucked away over four years, topping at an impressive £1,200 bonus Chatting to The Sun, interactive investors Senior Personal Finance Analyst Myron Jobson said: "On paper, Help to Save is a great initiative to help instil a culture of savings among the nation's most cash-strapped individuals.

"But for those who've felt the full force of the cost-of-living squeeze, the priority has been to stay above the breadline." Mr Jobson added: "For those who can afford it, a 50% savings bonus is too good a carrot to pass up."

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He said: "Remember, the bonuses are paid after the first two years and again at the end of the four-year period." He added, laying out the timeline: "As such, the first bonus of £175 would be paid two years from the account opening date, which would be in October two years later."

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: "Help to Save can encourage positive saving habits – no matter what you can afford to save – and the 50% government bonus payment can help savers when they need it most.

"It is quick and easy to apply online or via the HMRC app, just search ‘help to save’ on GOV.UK to find out more." Andrew Griffith, Economic Secretary to the Treasury, said: "Millions of people could benefit from a boost to their savings through Help to Save and thanks to our Spring Budget reforms the scheme has been extended until 2025.

"Whatever amount you can save will trigger a top up from the Government, so take advantage and apply today."