New tool helps savers get a 50% government boost to their savings
- Also published by:
- HM Revenue and Customs
The new Help to Save tool in the HMRC app lets savers set goals and personal reminders.
Over 80,000 people have signed up to the government’s new saving account – Help to Save – depositing over £10 million.
A new tool in the HMRC app is available which lets savers set their own savings goals and personal reminders, to keep on track and maximise bonuses.
The account offers working people on lower incomes a 50% bonus, with Help to Save rewarding savers with an extra 50p for every £1 saved. Over a 4 year period a maximum saving of £2,400 would result in an overall bonus of £1,200.
Help to Save is easy to use, flexible and secure, and will help those on lower incomes build up a ‘rainy day’ fund, and encourage savings behaviours and habits. 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.
John Glen, Economic Secretary to the Treasury recently said:
The new year is a good time to start getting into the habit of saving, and with Help to Save you’ll get a massive 50% boost from the government.
Whether you are saving for a family break, putting money away for a rainy day, or even saving for next Christmas, Help to Save is designed to make saving as simple as possible. And with the new version of the app, which can be personalised to help you make the most of your bonus, it’s easier than ever.
Help to Save is available to working people on Tax Credits and Universal Credit.
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, get more information, and apply savers can visit the Help to Save page or use the HMRC app.
Latest News from
Government sets out plans to overhaul waste system18/02/2019 13:12:00
The government launches a series of consultations to overhaul the waste system.
Welsh goods exports spurred by state-of-the-art manufacturing infrastructure15/02/2019 15:25:00
Liz Truss attends Finance Ministers Quadrilateral meeting in Cardiff and visits local engineering firm.
Marriage Allowance promoted on Valentine's Day14/02/2019 15:25:00
HMRC is encouraging married couples and people living in a civil partnership to sign up to the tax free break, which is worth up to £238 this year.
32 million people better off as key legislation passes final hurdle13/02/2019 15:48:00
The Finance Bill 2018-19 receives Royal Assent.
Terrorism insurance gap closed, giving peace of mind to businesses13/02/2019 14:38:00
Business owners will now find it easier to buy terrorism insurance that will pay-out if they lose custom in the wake of a terror attack because they cannot trade or are prevented from accessing their premises.
New stamp duty land tax surcharge for non-UK resident homebuyers to be introduced12/02/2019 11:10:00
Proceeds of the new surcharge would be put towards measures to tackle rough sleeping.
Changes to the Board of NS&I announced06/02/2019 14:15:00
Jill Lucas has been appointed as a NS&I Non-Executive Director and James Furse's term has been extended.
Wealth of Diversity Conference: Economic Secretary's speech05/02/2019 16:10:00
The Economic Secretary to the Treasury, John Glen speaks about the business case for diversity and inclusion at the PIMFA Wealth of Diversity Conference 2019.