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Help to Save is celebrating its first year anniversary!

Help to Save is celebrating its first year anniversary!

Help to Save is a government saving scheme which supports working people on tax credits and Universal Credit with building their savings.

Help To Save 1

With this account you can save between £1 and £50 every calendar month and accounts last for four years from the date you open the account. Within these limits, how much you save and when you pay in is up to you.

After two years, you’ll get a 50% bonus on whatever you have saved in the account. If you continue to save you could get a 50% tax-free bonus after four years. This means you could receive a tax-free bonus worth up to £1,200 to spend how you like.

Over the past year over 140,000 people have signed up to the scheme and have used it to save a combined total of over £36,000,000. This means that over £18,000,000 will be paid out to customers when the first bonus is due!

You can apply now if you work and are eligible for Working Tax Credit or Universal Credit.

What else do I need to know?

  • You can withdraw money from the account at any time, but it can affect your bonus.
  • You can continue to receive tax credits or Universal Credit while saving with Help to Save.
  • If you receive tax credits you will not see a reduction in the support you get.
  • Your Universal Credit award will only be affected if your total savings are over the current £6,000 savings limit.
  • If your situation changes and stop receiving Universal Credit or tax credits, you can still save. You don’t need to inform HMRC of this and can still keep your account, pay in money, and get any bonuses you’re entitled to. 

How to set up an account:

Opening an online account is simple. Customers can check eligibility and open an online account within minutes. You can do this at gov.uk/helptosave or through the HMRC app. If you don’t have access to the internet, you can still get an account by calling 0300 322 7093.

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