Help to Save is a type of savings account. which is backed by the Government so your savings are secure. Anyone entitled to/in receipt of Working Tax Credit or receiving Universal Credit will get a bonus of 50p for every £1 they save over 4 years.
- You can save between £1 and £50 each calendar month. You do not have to pay money in every month.
- You can pay money into your Help to Save account by debit card, standing order or bank transfer.
- You can pay in as many times as you like, but the most you can pay in each calendar month is £50. For example, if you have saved £50 by 8 January you will not be able to pay in again until 1 February.
- You can only withdraw money from your Help to Save account to your bank account.
- Bonuses are awarded at the end of the second and fourth years. They’re based on how much you’ve saved.
Your Help to Save account will close 4 years after you open it. You will not be able to reopen it or open another Help to Save account. You’ll be able to keep the money from your account.
You can close your account at any time. If you close your account early you’ll miss your next bonus and you will not be able to open another one.
How it works:
You can earn 2 tax-free bonuses over 4 years. You’ll get any bonuses you’ve earned even if you withdraw money*.
After your first 2 years, you’ll get a first bonus if you’ve been using your account to save. This bonus will be 50% of the highest balance you’ve saved.
After 4 years, you’ll get a final bonus if you continue to save. This bonus will be 50% of the difference between 2 amounts:
- the highest balance saved in the first 2 years (years 1 and 2)
- the highest balance saved in the last 2 years (years 3 and 4)
If your highest balance does not increase, you will not earn a final bonus.
The most you can pay into your account each calendar 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.
* If you withdraw money it will be harder for you to:
- grow your highest balance
- earn the largest possible bonuses
Withdrawing money could mean you are not able to earn a final bonus – depending on how much you withdraw and when.
Note:
- Help to Save bonuses will not affect your Universal Credit payments.
- Help to Save will not affect how much Working Tax Credit you get.
- If you or your partner have £6,000 or less in personal savings, your Help to Save bonuses will not affect how much Housing Benefit you get.
You need a Government Gateway user ID and password to apply. If you do not have a user ID, you can create one when you apply.
You will be asked for your UK bank details.
Sign in to your Government gateway and go to https://www.tax.service.gov.uk/help-to-save/no-account.
All information taken from Gov.UK.
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