People with savings account set to get £1,200 bonus from Labour government

An unbeatable savings account pays you a staggering 50 per cent bonus up to £1,200. Help to Save is a savings scheme for people on low incomes who are claiming certain benefits and gives you a bonus payment from the government of up to 50% on savings paid into the account.

Savers can put away between £1 and £50 each month. For every £1 deposited, you get 50p back - this means you're getting a 50% return on your money and the account lasts four years and bonuses are paid after the second and fourth years of the account being opened.

For someone who deposit the maximum £50 each month, it means you will have saved £2,400 by the time the four years is up - equating to an eye-watering £1,200 bonus from the new Labour Party government.

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You can apply for a Help to Save account if any of the following apply: you are receiving Working Tax Credit, you are entitled to Working Tax Credit, and receiving Child Tax Credit or you are claiming Universal Credit and (with your partner if it's a joint claim) earned a minimum of £793.17 from paid work in your last assessment period.

If you get Universal Credit or Tax Credit payments as a couple, you and your partner can still apply for your own, individual, Help to Save accounts. You must also be living in the UK, or if you’re overseas, in the armed forces, a Crown servant or a spouse or civil partner of either.

If you close your account, you won’t be able to reopen it or open a new one. The accounts last for four years, with a bonus payment of up to 50 per cent on savings after two and four years according to helplines on the government website.