SAVINGS accounts which pay high interest rates are hard to come by at the moment, however there are some options out there for savers searching for a bank account boost.
UNIVERSAL CREDIT is among a range of benefits which will see changes to the monthly rate from April 2021. While an increase to the standard allowance is due, there are fears millions of claimants will actually end up receiving less than they do now.
| UPDATED: 21:52, Mon, Jan 18, 2021
Link copied Sign up for FREE now and never miss the top politics stories again
SUBSCRIBE Invalid email
When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.
Tory MP Ben Everitt insisted the Labour party was being disingenuous by insisting the Tory party had intentions of cutting Universal Credit. MPs have since voted against cutting the £20 addition to Universal Credit during the pandemic. The vote was 278 in favour and none against after the Government called on Conservative MPs to abstain.
| UPDATED: 08:13, Thu, Jan 14, 2021
Link copied Make the most of your money by signing up to our newsletter for FREE now
SUBSCRIBE Invalid email
When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.
Universal Credit advances can be claimed for by those who are in financial hardship while they re waiting for their first payment. These advances need to be paid back and claimants will see their future payments reduced until the debt is covered, something the Work and Pensions Committee recently addressed.
These allowances are based on age and relationship status and are as follows:
single and under 25 - £342.72 per month
single and 25 or over - £409.89
in a couple and both are under 25 - £488.59 (for both)
in a couple and either are 25 or over - £594.04 (for both)
Universal Credit can be impacted by SEISS grants (Image: GETTY)
Regardless of what s actually awarded, all claimants could see their payments reduced if they receive certain income.
Generally, if a person is employed, their Universal Credit will reduce by 63p for every £1 earned.
The self-employed could also see their Universal Credit income reduce if they receive support from SEISS.