The UK government, through HMRC, has recently implemented a significant change to its Help to Save account, allowing an additional 550,000 individuals to benefit from a potential \u00a31,200 savings boost.<\/p>\n\n\n\n
This move is designed to offer greater financial support to working people claiming Universal Credit, enabling them to build savings and enhance their financial security. <\/p>\n\n\n\n
The Help to Save<\/a> initiative offers people a 50% bonus<\/strong> on their savings. For every \u00a32 deposited into the account, the government contributes \u00a31, with the maximum monthly contribution set at \u00a350. Over a four-year period, savers can deposit up to \u00a32,400, and in return, they can receive a bonus of up to \u00a31,200.<\/p>\n\n\n\n
Initially, the Help to Save account was available only to individuals who received Tax Credits or Universal Credit, and worked at least 16 hours per week at the National Living Wage. However, a recent change, announced on April 17, has expanded eligibility to include all working individuals claiming Universal Credit<\/a>. <\/p>\n\n\n\n
Emma Reynolds<\/a><\/strong>, Economic Secretary to the Treasury, emphasised that the government is prioritizing financial security for working people. <\/p>\n\n\n\n
\nSecurity for working people is at the heart of our Plan for Change<\/strong> – she said. <\/p>\n<\/blockquote>\n\n\n\n
\nWe want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.<\/p>\n<\/blockquote>\n\n\n\n
Growing Impact of Help to Save<\/h2>\n\n\n\n
Since its launch in 2018, the Help to Save scheme has already provided millions of pounds in bonuses to over 500,000 individuals<\/strong>. In 2024 alone, nearly 18,500 people opened a Help to Save account via the HMRC app, further demonstrating the growing reach and popularity of the initiative.<\/p>\n\n\n\n
Myrtle Lloyd<\/a>, HMRC\u2019s Director General for Customer Services, noted that thousands of customers had benefitted from the scheme, with many more now eligible to receive a 50% return on their savings. She urged: <\/p>\n\n\n\n
\nGo online or via the HMRC app to find out more and apply today.<\/p>\n<\/blockquote>\n\n\n\n
How the Scheme Works<\/h2>\n\n\n\n
Savers can contribute between \u00a31<\/strong> and \u00a350 each month, with the government offering a 50% bonus on the amount saved. This means that for every \u00a31 saved, account holders earn an additional 50 pence from the government.<\/p>\n\n\n\n
The first bonus, representing 50% of the highest balance saved, is paid at the end of the second year. <\/p>\n\n\n\n
A second, final bonus is awarded after four years, calculated based on the difference between the highest balance saved in the first two years and the highest balance in the final two years (years 3 and 4). If the highest balance does not increase, no final bonus is paid.<\/p>\n\n\n\n
Michelle Highman, Chief Executive of The Money Charity<\/a>, praised the extension of the scheme, calling it <\/p>\n\n\n\n
\nA brilliant way for people to start saving and to build their financial resilience. <\/p>\n<\/blockquote>\n\n\n\n
She encouraged anyone eligible to take advantage of the scheme, particularly as even modest monthly savings can yield significant benefits. <\/p>\n\n\n\n
\nSaving even just a little each month will help, and the added 50% bonus payment from the Government means that if you are eligible, then it\u2019s a great place to boost your savings.<\/p>\n<\/blockquote>\n\n\n\n
For more information about the Help to Save scheme and to apply, individuals can visit the official HMRC website<\/a><\/strong> or use the HMRC app<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"