Get ‘Help to Save’ #TalkMoney
Help to Save is a savings scheme for people on low incomes who are claiming certain benefits. Help to Save gives you a bonus payment from the government of up to 50% on savings paid into the account. This guide explains who can get a Help to Save account, how you can pay money into one and how the bonus payment works.
Who can get a Help to Save account?
You can apply for a Help to Save account if you are:
- receiving Working Tax Credit; or
- entitled to Working Tax Credit, and receiving Child Tax Credit; or
- claiming Universal Credit and earned a minimum of £617.73 in your last assessment period.
You must also be living in the UK; or if you’re overseas, you’re in the armed forces, a Crown servant or a spouse or civil partner of either.
If you close your account, you won’t be able to reopen it or open a new one.
The accounts last for four years, with a bonus payment of up to 50% on savings after two and four years.
You only need to be eligible on the day you apply for a Help to Save account. If your circumstances change and you stop getting Tax Credits or Universal Credit, your Help to Save account will stay active and you can continue to save into it, and benefit from the government bonuses.
How can I set up a Help to Save account?
You can apply for a Help to Save account online, by visiting HM Revenue & Customs (HMRC) to assess your eligibility through the Government Gateway, and you won’t need to submit any paperwork.
If you’re having problems applying online you can call HMRC’s Help to Save service on 0300 322 7093 (Mon–Fri, 10am–6pm). Have your National Insurance number to hand before you call.
Your Help to Save account will be held with National Savings & Investments (NS&I). You can manage your account on the GOV.UK website.
You’ll need a bank or building society account to pay money into the Help to Save account and to receive your bonus payments.
Will having a Help to Save account affect my benefits?
If you’re on Universal Credit or claiming Housing Benefit, the savings will not automatically affect your benefit payments. But if the money in your Help to Save account, combined with other savings, goes over £6,000, your payment might be affected.
Where can I find out more?
Visit the MoneyHelper website to read more about the Help to Save scheme and to find answers to many Frequently Asked Questions (FAQs).
Contact Apex’s Welfare Advice Service
Tel: 028 7130 4800