Help to Save customers receive £146 million in bonus payments

Help to Save is the government savings scheme for low-income earners

Help to Save customers have received £146 million in bonus payments since the scheme launched in September 2018.

Help to Save is the government savings scheme for low-income earners and offers savers a 50% bonus payment worth up to £1,200 over a maximum of four years.

Latest figures reveal that 59,400 people in the North West opened a Help to Save account between September 2018 and March 2023, with more than £48.7 million paid into accounts during that time.

Victoria Todd, head of the Low Incomes Tax Reform Group, said: “For those who are able to take part, the Help to Save account is a very attractive savings scheme, especially when the saver is able to maximise their bonuses.

“They can do this by paying in the maximum amount each month and making no withdrawals. Those who are eligible can still get bonus payments, even if they can’t save the maximum.

“That is why we recently welcomed the extension of the scheme to April 2025.”

Savers can deposit between £1 and £50 each month and will earn an extra 50 pence for every £1 saved and bonuses are paid in the second and fourth years of the account being opened. The bonus payment applies to the highest amount saved within the period. Savers who deposit the maximum amount of £2,400 will receive a bonus of £1,200 from the government.

Nearly 383,000 account holders across the UK have made a deposit into their accounts and the average monthly deposit is £48. More than 90% of savers invest the maximum £50 each month. They can make as many deposits they like each month via debit card, bank transfer or standing order. Money can be withdrawn at any time, although this may affect their 50% bonus payments.

You can open a Help to Save account if you are receiving:

• Working Tax Credit
• Child Tax Credit and are entitled to Working Tax Credit
• Universal Credit and you (with their partner, if it is a joint claim) had take-home pay of £722.45 or more in their last monthly assessment period

You can easily manage your savings account online or through the HMRC app, including checking balance, view savings and bonus details, find out when you’ll be paid a bonus, read any messages, set up a standing order or make withdrawals.

Myrtle Lloyd, HMRC’s director general for customer services, said: “Hundreds of thousands of people are benefitting from Help to Save. It’s a great way of saving whatever you can and the government will top up your savings by 50%.”

You can check eligibility and open an account on GOV.UK or via the HMRC app.