Help to Save is an new Government savings offer, designed to help working people on low incomes to build up their savings.

Apply now for Help to Save  if you work and receive Working Tax Credit or Universal Credit. It is easy to use, flexible and secure way for Working Tax Credit and Universal Credit customers to get a 50% government boost to their savings. 

A digital savings account, Help to Save is designed to encourage working individuals and households on low incomes to save regularly. The accounts are secure, simple to use and flexible.

Savers will receive a tax-free Government bonus of 50p for every £1 of eligible savings instead of interest. Once an account has been set up, it will run for four years (individuals can only open one account). Over the four years, customers saving the maximum of £50 per calendar month can save £2,400; receiving a tax-free bonus of up to £1,200.

There is no minimum account balance or monthly transfer needed to keep a Help to Save account open. Customers can also choose to skip payments, although the less money saved the smaller the final bonus.
Individuals can withdraw money at any time from their account. However withdrawing money will make it harder to increase the highest balance in the account, and therefore get the biggest bonus.

Account holders can choose to close their Help to Save account at any time but will not be entitled to any unpaid bonus and will be unable to re-open an account. Customers should ring the helpline if they want to close their account.

Eligible customers have up to five years to open an account (from September 2018), so they can decide when the time is right for them.

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Who is eligible for Help to Save?

To be eligible for Help to Save, customers must be a UK resident and:
  • be receiving Working Tax Credit; or
  • have a nil award of Working Tax Credit but receiving Child Tax Credit; or
  • be in receipt of Universal Credit with minimum individual or household earnings equivalent to 16 hours times the National Living Wage in their last income assessment period (that’s £542.88 during the financial year 2018-19).

If customers have a joint Universal Credit or tax credits award, both partners can open an account. 

Find out more at gov.uk/helptosave or by calling 0300 322 7093.


Where can customers apply?

Customers can open an account online at gov.uk/helptosave

Alternatively customers can use the HMRC app, available for iOS and Android.
Tax credits customers can use their personal tax account – see ‘Manage my tax credits’. Customers who are digitally excluded can apply by phone via the Help to Save helpline, T: 0300 322 7093.

To find out more information visit: www.gov.uk/helptosave