Discover the benefits of the Help to Save scheme, offering a 50% bonus on savings. Learn how eligible savers can secure up to £1,200 bonus by committing to this extended government program until 2025. Explore the easy application process and flexible saving options.
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A savings initiative that promises a 50 percent bonus has been extended until April 2025, potentially benefiting three million individuals. Participants who commit to saving the full amount over the scheme’s four-year duration could receive a substantial boost of up to £1,200. Already, over 359,200 people have reaped the rewards of the government’s Help to Save program, designed for those with low incomes.
Those eligible for the program can contribute a monthly sum ranging from £1 to £50. For every £1 saved, they earn a bonus of 50 pence, distributed in the second and fourth years. By saving the maximum £2,400 over four years, individuals can secure a total bonus of £1,200, directly deposited into their bank account.
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Andrew Griffith, the Economic Secretary to the Treasury, emphasized the widespread potential benefits, encouraging individuals to seize the opportunity: “Take advantage and apply today. The Government will provide a top-up for whatever amount you manage to save.
To qualify for a Help to Save account, applicants must be receiving Child Tax Credit and be entitled to Working Tax Credit, or be on Universal Credit with a minimum take-home pay of £722.45 in their latest monthly assessment. Accounts remain open for a maximum of four years, enabling multiple deposits within the monthly limit of £50. While withdrawals are permissible, they may impact the cumulative bonus earned.
Myrtle Lloyd, HMRC’s Director General for Customer Services, noted the positive impact of Help to Save in cultivating saving habits, irrespective of the amount an individual can commit. She highlighted the ease of application through the HMRC app or online platform, encouraging interested parties to explore the program further by searching ‘help to save’ on GOV.UK.
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