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Get help with savings if you’re on a low income (Help to Save)

on Thu, 16/09/2021 - 3:19pm

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 4 years.

Help to Save is backed by the government so all savings in the scheme are secure.

You can save between £1 and £50 each calendar month. You do not have to pay money in every month.

You get tax-free bonuses at the end of the second and fourth years. They’re based on how much you’ve saved.

Example

You pay in £25 every calendar month for 2 years. You do not withdraw any money. Your highest balance will be £600. Your first bonus is £300, which is 50% of £600.

In years 3 and 4 you save an extra £200 to grow your highest balance from £600 to £800. Your final bonus is £100, which is 50% of £200. Even though you withdrew some money after your balance was £800, this does not affect your bonus.

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