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Help to Save
Help to Save is a type of savings account. It allows certain people entitled Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years.
Help to Save is backed by the government so all savings in the scheme are secure.
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 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 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.
You get bonuses 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.
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 in to your bank account, not your Help to Save account.
You can open a Help to Save account if you're any of the following:
- Receiving Working Tax Credit
- Entitled to Working Tax Credit and receiving Child Tax Credit
- Claiming Universal Credit and your household earned £569.22 or more from paid work in your last monthly assessment period.
If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately.
You also need to be living in the UK. If you live overseas, you can apply for an account if you're either a:
- Crown servant or their spouse or civil partner
- Member of the British armed forces or their spouse or civil partner
If you stop claiming benefits you can keep using your Help to Save account.