What is Help to Save?
Help to Save is a new savings scheme for people on low incomes who are claiming certain benefits. Help to Save gives you a bonus payment from the government of up to 50% (half) on savings paid into the account.
You can apply for a Help to Save account if you’re:
receiving Working Tax Credit
have a nil award for Working Tax Credit, but are receiving Child Tax Credits
claiming Universal Credit and earned a minimum of £542.88 in their last assessment period
You can save up to £50 per month.
Eligible customers can open an online account within minutes. You can do this at gov.uk/helptosave or through the HMRC app.
To set up your account all you’ll need is:
your National Insurance Number
your bank account details – the bonus and any withdrawals will be paid into this account
a Government Gateway account. If you don’t have a Government Gateway account you can create one as part of your application
Where can I find out more?
You can download a leaflet giving the top ten reasons to open an account here.
You can also visit the Money Advice Service or gov.uk/helptosave for more information.