Help to Save is a new Government savings scheme for UK residents who are on low incomes and are claiming certain benefits. The scheme lasts for a maximum of 4 years.
Help to Save is a Government backed savings scheme for people on low incomes who are claiming certain benefits.
To be eligible to open a Help to Save account you must work and receive either Universal Credit, Working Tax Credit or Child Tax Credit payments.
Account holders are entitled to save up to £50 a month and after two years will receive a 50% bonus.
You can then choose to continue saving for a further two years and receive another 50% bonus.
You don’t have to make deposits every month to qualify for the tax-free bonus and you can make withdrawals from the account at anytime.
You only need to be eligible on the day you apply for Help to Save. If your situation subsequently changes i.e. you stop claiming Tax Credits or Universal Credit, your Help to Save account will stay active.
The account will be closed after 4 years.
Full details of how the scheme works, eligibilty, what you will receive and how to apply are available from GOV.UK.
Further information is available from
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