Martin Lewis discusses savings account offering from HSBC
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Martin Lewis has shared a success story of a woman who followed his advice on a “Help to Save” account and received a direct bank transfer from the government for £1,200.
The Money Saving Expert has revealed how you can get £1,000 for free every year.
Returning to his ITV Martin Lewis Money Show Live last night, November 1, he took viewers through the best long-term savings accounts to get a cash bonus, including a Help to Buy ISA, a Help to Save account, and a LISA (Lifetime ISA), and how much extra cash they could give you.
The savings special also saw Martin take people through easy-access savings accounts, as he warned, “you are being ripped off”, reports Yorkshire Live.
Martin’s co-host Angelica Bell read out a message from a woman who is a regular viewer.
It said: “Jo was struggling to pay off her credit card debts, and found it difficult to save.
“She’d never heard about the scheme until watching the show.
“She was able to pay in the maximum of £50 per month and received the 4-year bonus of £1,200.
“Without the show, she would never have applied!”
Martin Lewis set out the “Help to Save” account for people on low income, for example, Universal Credit or Tax Credits.
People saving £50 a month into a Help to Save for two years get a 50 per cent bonus, but after four years it means a free £1,200 bonus.
Martin said: “The government did a stat, apparently more people have heard about Help to Save from this show and my other work than any other method, 29 per cent of people who opened Help to Buy said it was due to this, hopefully, it’ll go up today.
“We need to build some financial resilience in this country, and this is a good scheme for that.”
Anyone can open a Lifetime ISA from the age of 18 to 39.
You get the first-time buyers’ bonus when you use it to buy a property of up to £450,000.
So that means you can put up to £4,000 a year in for a £1,000 a year bonus for free from the government, and you do not have to spend it on a house.
Martin added: “And one thing, you have to have it open for a year before you can buy a house.
“So if you’re aged 18-39 and you haven’t bought a house or maybe you have a parent or something that age.
“Put a quid in now, the clock starts ticking, and when you’ve had it for a year you can work it.
“The top-paying Lifetime ISA (LISA) is Moneybox at 3 per cent, there are also investment ISAs.”
Source: Read Full Article