50 pc Savings Bonus with Help to Save Scheme

Over 90,000 people have taken advantage of the new Help to Save account scheme through the Government.

The account provides a 50p reward bonus for every £1 saved and has a maximum deposit limit of £50.00 per month.  Meaning that if you save £50 per month, you will then receive a £25 per month bonus.

That's a whopping 50% bonus!

This new account is offered to low earners and already has over £13 million deposited.

The account is designed to encourage more people to save especially low wage earners that struggle to have any spare cash to save and is only available to people on Tax Credits or people that claim Universal Credits with a minimum earned income equivalent to 16 hours per week at the National Living wage.

You can pay in between £1 and £50 per month, you don’t have to pay in every month and how much you save in the account is up to you.

In Treasury research, one account holder quoted: “It is so easy to use, my money goes into the account by standing order and the bonus reward is such an attractive incentive”

The account lasts for 4 years, savers receive 50% tax free bonus on the highest balance they have achieved after 2 years.  A further 50% tax free bonus could be received if they continue to save.

For more information and check your eligibility https://www.gov.uk/get-help-savings-low-income or use the HMRC app.