The government has launched the Help to Save scheme recently, a new savings account designed to help working people to build their savings. HMRC have provided additional details on the new scheme.

“New savings accounts

Help to Save offers a tax-free government bonus of 50p for every £1 saved.

The accounts are simple to open and flexible. Savers can pay in from £1 to £50 each calendar month. The maximum deposit over a four-year period is £2,400, which will mean a government bonus of up to £1,200. Bonuses are paid after two and four years.

Help to Save is available to support working people on Tax Credit and Universal Credit. It has been successfully trialled with customers since January 2018, rolling out in stages to increasing numbers, with more than 45,000 accounts opened and more than £3 million in deposits.

How to apply

Eligible customers can apply now at www.gov.uk/helptosave

People can find out more about the Help to Save scheme, check eligibility and open an account at gov.uk/helptosave or by downloading a free HMRC app for iOS and Android devices. Tax Credit customers can also link to the application pages through their Personal Tax Account

On average, it takes less than five minutes to apply and start saving straight away – accounts are easy to use, flexible and secure. People who aren’t able to open an account online can call 0300 322 7093.

Supporting launch

We will promote Help to Save on social media, including on Twitter @HMRCpressoffice and on Facebook at facebook.com/hmrc and would be grateful if you would retweet or share our posts with your followers.

If you would like any further information or help please contact us at helptosave.consultation@hmrc.gsi.gov.uk.”

END OF HMRC COMMUNICATION