Savings: Britons on low incomes can get a tax-free bonus worth £1,200 – are you eligible? | Personal Finance | Finance

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The bonus is deposited into an easy access account, so savers can make withdrawals if they need to.

People will need to be aware that no interest is paid on the balance of the account, and the only increase a person can receive is the bonus payments.

The total amount saved over the four years would be £2,400, which the Government adds £1,200 to.

For Universal Credit claimants, people will be eligible if they, with their partner if it is a joint claim for Universal Credit, had a take-home pay of £658.64 or more in their last monthly assessment period.



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