The Help to Save scheme from HMRC allows you to get a 50% bonus on your savings - and it's open to people who are on Universal Credit and certain other benefits
Help to Save is an account designed for individuals receiving Universal Credit or Tax Credits, offering the chance to set aside £1 to £50 monthly. With each £1 saved, you get a 50p return, which equates to a remarkable 50% yield a rate MoneySavingExpert.com's Martin Lewis hailed as "unbeatable".
Even those saving smaller amounts can profit; save £25 per month for two years and receive a £600 bonus. On X, once known as Twitter, HMRC publicised the programme, stating: "For every £2 you save in a Help to Save account, you'll get an extra £1 from the Government. Over time, this can add up."Eligibility for a Help to Save account includes claimants of:.
Couples are allowed to open separate Help to Save accounts, even if they receive joint benefit payments. The account remains active even if you cease claiming benefits.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DWP and HMRC to pay benefits early this week for Universal Credit, PIP and moreSome people will get their money early this week because of the August bank holiday
Read more »
HMRC to notify thousands of women as £1.5billion DWP error has potential Pension Credit impactThe DWP has seen an error affect up to 210,000 women who were underpaid their State Pension to the tune of £1.5 billion
Read more »
DWP Universal Credit and PIP 'old holiday' warning as payments could stop if you travel abroadHow long you can are allowed to be abroad depends on why you are going
Read more »
Mum has 'universal credit stopped' after going to interview at closed job centreTanya Williams, 40, said she was living off just £100 a week with her two children
Read more »
New DWP changes to PIP and Universal Credit assessments due to start this monthDelivery of functional health assessments is set to change in September.
Read more »
DWP list of every postcode hit by Universal Credit and PIP changeThe Department for Work and Pensions is making major changes to health assessments for Personal Independence Payment, Universal Credit and ESA
Read more »