HM Revenue and Customs (HMRC) has reminded Brits they could benefit from a Government cash boost of up to £1,200. People on Universal Credit may be eligible for a scheme called Help to Save.

It said: “Want to boost your savings? With Help to Save, for every £1 eligible Universal Credit claimants save, the Government adds 50p.

“That’s up to £1,200 in bonus payments over four years. Check eligibility and apply today.”

How payments work

On GOV.UK it explains more about the scheme. It says: “You can save between £1 and £50 each calendar month. You do not have to pay money in every month.

“You can pay money into your Help to Save account by debit card, standing order or bank transfer. You can pay in as many times as you like, but the most you can pay in each calendar month is £50.

“For example, if you have saved £50 by 8 January you will not be able to pay in again until 1 February. You can only withdraw money from your Help to Save account to your bank account.”

You will get your bonuses at the end of the second and fourth years. They’re based on how much you’ve saved.

However, it is important to note that your Help to Save account will close four years after you open it. “You will not be able to reopen it or open another Help to Save account,” GOV.UK says.

“You’ll be able to keep the money from your account. You can close your account at any time. If you close your account early you’ll miss your next bonus and you will not be able to open another one.”

Who is eligible

You can open a Help to Save account if you’re receiving Universal Credit and you (with your partner if it’s a joint claim) had take-home pay of £1 or more in your last monthly assessment period. Your take-home pay is your pay after deductions (such as tax or National Insurance).

If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately.

You also need to be living in the UK. If you live overseas, you can apply for an account if you’re either a:

• Crown servant or their spouse or civil partner
• Member of the British armed forces or their spouse or civil partner

If you stop claiming benefits, you can keep using your Help to Save account. GOV.UK says: “Help to Save is backed by the government so all savings in the scheme are secure.”