Universal Credit and Working Tax Credit claimants may be able to get £1,200 tax-free bonus | Personal Finance | Finance


This will be 50 percent of the difference between the highest balance saved in the first two years (years one and two) and the highest balance saved in the last two years (years three and four).

Should the balance not have increased, a final bonus wouldn’t be earned.

As the most a person can pay into the account is £50 per calendar month, a maximum of £2,400 can be saved over the course of the four years.

Therefore, the maximum bonus that can be earned from these savings over four years is £1,200 in tax-free bonus money.

Rather than the money being paid into the Help to Save account, it will be paid into the person’s bank account.

If a person stops claiming benefits during this time, they should note that they can still keep using the Help to Save account.

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