Eligible people encouraged to open Help to Save account

Households on low incomes are being encouraged by HMRC to see if they’re eligible for a Help to Save account.

Help to Save is a government savings schemes that lets people on low incomes get a 50% bonus on their savings.

Customers can deposit between £1 and £50 every month and get an extra 50p for every £1 they save.

So if you saved the maximum amount allowed each month, you’d add £1,200 to your savings.

The scheme is open to everyone on universal credit, but you can carry on saving into a Help to Save account even if you come off benefits. 

It’s currently due to run until April 2027.

How do I sign up for Help to Buy?

You can check if you’re eligible for Help to Buy and open an account online either on GOV.UK or the HMRC app.

Since Help to Buy started in September 2018, more than 575,200 customers have opened an account and paid nearly £600m into their savings pots.

“We’re committed to helping families build financial resilience and putting more money in the pockets of working people,” said economic secretary to the Treasury Lucy Rigby.

Antonia Stokes, senior manager of the Low Incomes Tax Reform Group (LITRG), added: “The Help to Save scheme is a very attractive product for people on low incomes who want to get into a regular savings habit.

“Those who are eligible can still receive bonus payments, even if they can’t save the maximum, which makes it an attractive option for savers.”