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Help to save: Government-backed scheme for low earners

Updated: Aug 21, 2023

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Given the constant presence of 'cost-of-living' issues in the news, it's become crucial to promote initiatives that can offer support to people. HM Revenue and Customs (HMRC) is highlighting the usefulness of 'help to save' accounts for low earners. If there's anyone within your business who might qualify, it could be useful to direct them towards additional resources for help.

Help to Save is a government-endorsed savings account designed to provide additional benefits to eligible individuals who receive Working Tax Credit or Universal Credit. By participating in this program, savers can enjoy a tax-free bonus of 50p for every £1 they save, serving as an incentive to foster a savings habit. To qualify for Help to Save, applicants must be UK residents and meet one of the following criteria:

  • Receive universal credit and had take-home pay of £722.45 or more in your last monthly assessment period; or

  • Be entitled to working tax credit and receive working or child tax credit

If a person is part of a joint award and meets the eligibility criteria, both individuals can open their own Help to Save account.

Accounts are user-friendly, flexible, and secure, enabling individuals to save any amount ranging from £1 to £50 per month. Customers can make multiple deposits at their convenience, although the maximum monthly contribution allowed is £50. Those who save the maximum amount of £2,400 over a four-year period will receive a total government bonus of up to £1,200. Bonuses are paid after 2 and 4 years. The scheme has been recently extended until April 2025. Andrew Griffith, the Economic Secretary to the Treasury, announced this extension, highlighting the potential benefits for millions of individuals seeking to bolster their savings. For more information on how to apply, please visit:

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