Help to Save is a government backed savings account where account holders will receive a 50% tax-free bonus worth 50p for every £1 saved.
Help to Save is a government backed savings account. It allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus on top of their savings.
The customer must be a UK resident and:
• receive Working Tax Credit (WTC); or
• Have a nil award of WTC but receiving Child Tax Credit; or
• in receipt of Universal Credit with minimum household earnings equivalent to 16 hours times the National Living Wage in their last income assessment period.
If someone is part of a joint award and eligible for Help to Save, they can each open an account.
Accounts are easy to use, flexible and secure, allowing people to save anything from £1 to £50 per month. Customers can pay in as many times as they like, but the most they can pay in each month is £50. To encourage saving, account holders will receive a 50% tax-free bonus worth 50p for every £1 saved. Customers saving the maximum £2,400 over a four-year period will receive a total government bonus of up to £1,200. Bonuses are paid after 2 and 4 years. Customers may withdraw from their account at any time however this will impact their bonus.