Thousands sign up to Help to Save to earn 50p for every £1 saved

Date: Saturday August 31, 2019 at 8:00am

Over 132,000 people have signed up to the government-backed savings account Help to Save – depositing more than £31.4 million.

The account offers working people on low incomes a 50% bonus on what they save –rewarding them with 50p for every £1 they put away. Over 4 years, a maximum bonus of £1,200 is available on savings of up to £2,400.

Statistics published today (30 August 2019) reveal that those using Help to Save accounts are already eligible for bonuses totalling around £14 million. The accounts make saving affordable, achievable and worthwhile. Some participants now see themselves as ‘savers’ rather than ‘spenders’.

The Economic Secretary to the Treasury, John Glen, said:

"Saving shouldn’t be seen as a luxury but as an essential part of planning for the future."

"That’s why I launched the Help to Save scheme last year, and it’s been great to see so many people using it to put money aside for themselves and their loved ones.​​​​"

"Around 3.5 million people could benefit from the scheme, so if you’re eligible but haven’t yet opened an account, you should take a look. Saving comes with a 50% government bonus, and even a small amount could help you to be more prepared for the future."

Help to Save is easy to use, flexible and secure. It helps those on lower incomes build up a ‘rainy day’ fund, and encourages a long-term savings habit. How much is saved, and when, is up to the account holder, and they don’t need to pay in every month to get a bonus.

Help to Save is available to working people on Tax Credits, or Universal Credit claimants with a minimum earned income equivalent to 16 hours per week at the National Living Wage in their last assessment period.

Account holders can save between £1 and £50 every calendar month and accounts last for 4 years from the date the account is opened. After 2 years, savers get a 50% tax-free bonus on the highest balance they’ve achieved. If they continue saving, they could receive another 50% tax-free bonus after a further 2 years.

On maximum savings of £2,400 over 4 years, the overall bonus would be £1,200.

To check eligibility, apply, and get more information savers can visit the GOV.UK Help to Save page.


Sourced from GOV.UK​​​​​

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