Help to Save is an exciting new Government savings offer, designed to help working people on low incomes to build up their savings. It will support people to become regular savers, helping families and individuals prepare and plan for the future through a generous 50% tax-free bonus. The accounts are government backed, simple to open, and flexible.
You can open a Help to Save account if you live in the UK and you’re either:
- entitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit payments
- claiming Universal Credit and your household income in your last monthly assessment period was £542.88 or more. Payments from Universal Credit won’t be considered part of your household income. (Figure correct in 2018.)
Also if you and your partner have a household award of tax credits or Universal Credit and are eligible for Help to Save you can each open individual accounts.
Savers can pay in from £1 to £50 each calendar month. Customers making the maximum deposit of £2,400 over four years without making withdrawals will receive government bonuses of £1,200. Accounts open from September 2018 – and are set to benefit hundreds of thousands of working people. Contact: helptosave.consultation@hmrc.gsi.gov.uk or visit gov.uk/helptosave.
