80,000 individuals sign up to Help to Save scheme

Over 80,000 people on lower incomes have signed up to the government’s new saving account, Help to Save, depositing over £10m

The Help to Save account offers working people on lower incomes a 50% bonus, with the government rewarding savers with an extra 50p for every £1 saved. Over a four-year period, a maximum saving of £2,400 would result in an overall bonus of £1,200.

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 four years from the date the account is opened.

After two years, savers get a 50% tax-free bonus on the highest balance they have achieved. If they continue saving, they could receive another 50% tax-free bonus after a further two years.

The Help to Save tool in the HMRC app allows savers to set their own savings goals and personal reminders so that they can keep on track of payments and maximise bonuses.

John Glen, economic secretary to the Treasury 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.’

Information on the Help to Save scheme is here. 

Report by Amy Austin

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