HM Revenue and Customs
Thousands sign up to Help to Save to earn 50p for every £1 saved
- Also published by:
- HM Treasury
New statistics reveal more than 132,000 Help to Save account holders are eligible for bonuses totalling £14 million.
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’.
To check eligibility, apply, and get more information savers can visit the GOV.UK Help to Save page.
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.
- The latest Help to Save statistics are now available on GOV.UK.
- Help to Save: Research to understand customer behaviours during the trial of Help to Save found many now see themselves as ‘savers’ rather than ‘spenders’.
- Download the free HMRC app from the App Store for iOS or the Google Play Store for Android.
Latest News from
HM Revenue and Customs
Update on the implementation of the loan charge14/08/2020 11:10:00
Parliament approved amended legislation for the loan charge, which became law in July 2020.
Save up to £2,000 with Tax-Free Childcare in Scotland13/08/2020 11:10:00
Parents could save on after-school clubs and other childcare services with support from the UK Government.
First Flagship UK Government hub in Scotland completed12/08/2020 11:10:00
Queen Elizabeth House visited by Scottish Secretary.
HMRC announces three new Director General appointments11/08/2020 13:10:00
Senior staff appointments announced in light of changes at the department.
Support for working families affected by coronavirus (COVID-19) given an extra boost05/08/2020 11:22:00
Families that benefit from government-funded childcare support were given a boost today as the government announced that they would not lose out due to coronavirus (COVID-19).
Justin Holliday appointed as Tax Assurance Commissioner04/08/2020 11:25:00
In his role, HMRC's Chief Finance Officer will also oversee resolution of tax disputes.
Eat Out to Help Out – look for the logo03/08/2020 10:27:00
Diners who eat-in will benefit from a 50% discount, up to a maximum of £10 per person, on food and non-alcoholic drinks, any Monday to Wednesday in August.
Applications open for £50 million funding to boost UK customs intermediaries30/07/2020 11:12:00
HMRC is encouraging customs intermediaries and traders who make their own declarations to take advantage of the funding now.