Money Advice Service - Help to Save
What is Help to Save?
Help to Save is a type of savings account. It allows certain people entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1 they save over four years.
You get bonuses at the end of the second and fourth years, based on how much you’ve saved. You can save up to £50 each calendar month.
Help to Save is backed by the Government, which means all savings in the scheme are secure.
How do I pay money into my savings?
You can pay money in to your Help to Save account by debit card, standing order or bank transfer. You do not have to pay money in every calendar month. You can pay in as many times as you like, but the most you can pay in each calendar month is £50.
You can only withdraw money from your Help to Save account to your bank account.
What happens at the end of four years?
After four years, your Help to Save account will be closed. You will not be able to reopen it or open another Help to Save account. You’ll be able to keep the money from your account.
You can close your account at any time. If you close your account early, you’ll miss your next bonus and you will not be able to open another one.