Thousands sign up to Help to Save to earn 50p for every 拢1 saved
New statistics reveal more than 132,000 Help to Save account holders are eligible for bonuses totalling 拢14 million.
Over 132,000 people have signed up to the government-backed savings account Help to Save 鈥� depositing more than 拢31.4 million.
The account offers working people on low incomes a 50% bonus on what they save 鈥搑ewarding them with 50p for every 拢1 they put away. Over 4 years, a maximum bonus of 拢1,200 is available on savings of up to 拢2,400.
Statistics published today (30 August 2019) reveal that those using Help to Save accounts are already eligible for bonuses totalling around 拢14 million. The accounts make saving affordable, achievable and worthwhile. Some participants now see themselves as 鈥榮avers鈥� rather than 鈥榮penders鈥�.
To check eligibility, apply, and get more information savers can visit the 188体育 Help to Save page.
The Economic Secretary to the Treasury, John Glen, said:
Saving shouldn鈥檛 be seen as a luxury but as an essential part of planning for the future.
That鈥檚 why I launched the Help to Save scheme last year, and it鈥檚 been great to see so many people using it to put money aside for themselves and their loved ones.
Around 3.5 million people could benefit from the scheme, so if you鈥檙e eligible but haven鈥檛 yet opened an account, you should take a look. Saving comes with a 50% government bonus, and even a small amount could help you to be more prepared for the future.
Help to Save is easy to use, flexible and secure. It helps those on lower incomes build up a 鈥榬ainy day鈥� fund, and encourages a long-term savings habit. How much is saved, and when, is up to the account holder, and they don鈥檛 need to pay in every month to get a bonus.
Help to Save is available to working people on Tax Credits, or Universal Credit claimants with a minimum earned income equivalent to 16 hours per week at the National Living Wage in their last assessment period.
Account holders can save between 拢1 and 拢50 every calendar month and accounts last for 4 years from the date the account is opened. After 2 years, savers get a 50% tax-free bonus on the highest balance they鈥檝e achieved. If they continue saving, they could receive another 50% tax-free bonus after a further 2 years.
On maximum savings of 拢2,400 over 4 years, the overall bonus would be 拢1,200.
Further information
- The latest Help to Save statistics are now available on 188体育.
- during the trial of Help to Save found many now see themselves as 鈥榮avers鈥� rather than 鈥榮penders鈥�.
- Download the free HMRC app from the or the .