Help to Save is a savings account that is issued by the Government where you can put away between £1 and £50 each month and for every £1 deposited, you get 50p back
If you claim Universal Credit or Tax Credits then you may be able to get a 50% bonus on your savings, worth up to £1,200.
Help to Save is a savings account that is issued by the Government where you can put away between £1 and £50 each month. For every £1 deposited, you get 50p back – this means you’re getting a 50% return on your money, so it’s a no-brainer for low-income households who can afford to save each month.
The account lasts four years and bonuses are paid after the second and fourth years of the account being opened. For someone who deposit the maximum £50 each month, it means you will have saved £2,400 by the time the four years is up – and you would have made £1,200 in bonuses from the Government.
You don’t have to save every month and you can save less and still get a bonus. For example, if you save £25 a month over two years, your bonus would be £600 back. You can open a Help to Save account if you claim:
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Universal Credit and you (with your partner, if it is a joint claim) had take-home pay of £722.45 or more in your last monthly assessment period
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Working Tax Credit
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Child Tax Credit and you’re entitled to Working Tax Credit
How to open a Help to Save ac count
You can open your Help to Save account through GOV.UK or by calling 0300 322 7093. If you’re in a couple, you and your partner can both open separate Help to Save accounts, even if you receive benefit payments as a couple.
If you have savings elsewhere, having a Help to Save account could potentially see your benefits reduced if you go over a certain threshold. If you claim Universal Credit or Housing Benefit, you and your partner can have up to £6,000 in personal savings – above this amount, and your benefits could be reduced.
This would include any savings in your Help to Save account. Any savings or bonuses you earn through Help to Save will not affect your Working Tax Credit.
