Help to Save: Who Qualifies and What You Get
Learn how you can receive a government bonus on your savings if you are receiving specific low-income benefits.
Help to Save is a government scheme designed to help people build up their savings by providing a bonus on the money you set aside.
Who it's for
You can qualify for this scheme if you are currently receiving Universal Credit or Working Tax Credit.
What you get
For every pound you save, the government adds a bonus equal to 50% of that amount. You can save up to £50 each month to receive this bonus.
What it costs you
It costs you the money you choose to deposit into the account each month. There is a strict monthly limit on how much you can deposit to remain eligible for the bonus.
The catch to know
The scheme is only available to those receiving specific low-income benefits. If your benefit status changes, you may lose your eligibility.
How to apply
- Check if you are receiving Universal Credit or Working Tax Credit.
- Contact your bank to see if they offer this specific savings account.
- Open the account and set up your monthly deposits.
- Monitor your savings through your bank to ensure you stay within the monthly limits.