Are you interested in saving money?
Help to Save is a type of savings account for low-income individuals claiming Child Tax Credits, Working Tax Credits. If claiming Universal Credit (have take home pay of £722.45 per month or more in your last assessment period).
If you receive benefits as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately.
How does Help to Save work?
- You will get 50p for every £1 you save over 4 years
- You can save between £1 and £50 per month. You do not have to save every month.
- You can only take out money from your Help to Save account to your bank account.
- First 50% bonus is paid after two years. The bonus is based on your highest balance during the first two years (max £600 bonus)
- Second 50% bonus paid after four years. Based on the difference between the highest balance in years three and four, the highest balance during the first two years (max £600 bonus)
- The most you can pay into your account each month is £50, which is £2,400 over 4 years. The most you can earn from your savings in 4 years is £1,200 in bonus money.
- Your bonus is paid into your bank account, not your Help to Save account
What happens after 4 years?
Your account will close 4 years after you open it. You will not be able to reopen or create a new Help to Save account.
Apply online by visiting: Get help with savings if you’re on a low income (Help to Save): What you’ll get – GOV.UK (www.gov.uk)