The Help to Save scheme is the Government’s initiative has helped over 130,000 people save over £35 million. However there is still over 3 million people that are eligible for the scheme.
Help to Save is a type of savings account. It allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years. It is backed by the government so all savings in the scheme are secure.
How payments work
You can save between £1 and £50 each calendar month by debit card, standing order or bank transfer. You do not have to pay money in every month.
You can pay in as many times as you like, but the most you can pay in each calendar month is £50.
How bonuses work
You get bonuses at the end of the second and fourth years. They’re based on how much you’ve saved. You’ll get any bonuses you’ve earned even if you withdraw money.