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What is the Help to Save scheme and who is eligible for £600...
The Help to Save scheme could help low earners build their savings. (Credits: Getty Images)
Millions on low incomes could find themselves with help saving money after an announcement from Chancellor Jeremy Hunt that the government’s Help to Save scheme is to be extended.
Mr Hunt confirmed in his Spring Budget that the scheme – which was set to expire in September – would continue until April 2025, meaning it will stay in place for at least another 18 months.
On Twitter, Money Saving Expert Martin Lewis welcomed the move, saying: ‘Help to Save scheme (50% boost to many on Universal Credit who use the scheme) to be extended.
‘It was due to close to in September, I’m pleased to see it has now been extended so new applicants can apply until April 2025.’
The Chancellor also promised a consultation on how to support low-income savers in the long term.
But what is the Help to Save scheme and who is eligible?
Here is what you need to know.
What is the Help to Save scheme?
Help to Save acts as a type of savings account that lasts for four years and allows some low-income savers to get what the government website describes as a ‘bonus’ of 50p for every £1 they save over that time.
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You can pay a maximum of £50 into your Help to Save account in as many instalments as you like (minimum transfer of £1 made from a debit card, standing order or bank transfer).
This means that the most you can earn from your savings in 4 years is £1,200 in bonus money, paid into your bank account – not your Help to Save account.
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You don’t have to pay in every month and can only make withdrawals to your bank account.
Any bonuses accrued will be paid at the end of the second and fourth years.
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View the conversationWhile you can close your account early, you’ll miss your next bonus and cannot open another Help to Save account.
Who is eligible for the Help to Save scheme?
Help to Save Eligibility
The gov.uk site states that you may be eligible for the Help to Save scheme if you receive the following:
Working Tax Credit Child Tax Credit – and you’re entitled to Working Tax Credit Universal Credit and you (with your partner if it’s a joint claim) had take-home pay of £658.64 or more in your last monthly assessment periodYou can continue to use your Help to Save account if you subsequently stop claiming benefits.
Full details on eligibility are available on the gov.uk Help to Save website.
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