After announcing that it’s savers have shared £146 million in bonus payments, HMRC are encouraging eligible customers to sign up to the Help to Save government savings scheme…
Help to save is the government savings scheme for low-income earners that launched in September 2018. Since this date almost 450,000 customers have opened accounts, with nearly £372.5 million being paid into accounts between September 2018 and March 2023.
Savers can deposit between £1 and £50 per month and the scheme offers a 50% bonus payment worth up to £1200 over a maximum of 4 years. Based on the maximum £50 payment per month, over a 4 year period, customers would save a total of £2400 themselves, with the government adding a £1200 bonus.
To be eligible for the scheme, customers need to be receiving:
- Working Tax Credit
- Child Tax Credit and are entitled to Working Tax Credit
- Universal Credit and they (with their partner, if it is a joint claim) had take-home pay of £722.45 or more in their last monthly assessment period
