Help to Save .... new government incentive

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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Chris_H12357Chris_H12357 Forumite
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Whilst renewing my tax credits a new page opened up ... "Help to Save"

1. About Help to Save

Savings play an important role in helping families and individuals prepare and plan for the future.
Help to Save is a new government saving scheme to support working people on low incomes to build their savings.
Over 4 years, regular savers can deposit up to £50 a month and could receive up to £1,200 in tax-free bonuses.

2. Who Help to Save is for

The scheme, administered by HM Revenue and Customs, will be open to UK residents who are:
  • entitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit payments
  • claiming Universal Credit and have a household or individual income of at least £542.88 for their last monthly assessment period (though note that payments from Universal Credit are not considered to be part of your household income)
3. How it works

Once confirmed as eligible, customers can start saving straight away. All transactions, including checking the balance and paying in savings, can be managed in an online account available through GOV.UK.
Customers can save up to £50 each month.
At the end of 2 years, savers will get a 50% bonus based on the highest balance achieved.
Customers can carry on saving for another 2 years and get another 50% bonus on their additional savings.
Over 4 years, those saving the maximum of £2,400 will receive bonuses of £1,200.
Money paid into the account can be withdrawn at any time, but this could affect the size of the bonus payment.

You can also access your Help to Save account through your personal tax account or the HMRC app.

Set up a Standing Order and in 4 years time a nice stash for a "spoil me time"
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