What you’ll get
You can earn 2 tax-free bonuses over 4 years. You’ll get any bonuses you’ve earned even if you withdraw money.
After your first 2 years, you’ll get a first bonus if you’ve been using your account to save. This bonus will be 50% of the highest balance you’ve saved.
After 4 years, you’ll get a final bonus if you continue to save. This bonus will be 50% of the difference between 2 amounts:
- the highest balance saved in the first 2 years (years 1 and 2)
- the highest balance saved in the last 2 years (years 3 and 4)
If your highest balance does not increase, you will not earn a final bonus.
The most you can pay into your account each calendar month is £50, which is £2,400 over 4 years. The most you can earn from your savings in 4 years is £1,200 in bonus money.
Your bonus is paid into your bank account, not your Help to Save account.
Example You pay in £25 every calendar month for 2 years. You do not withdraw any money. Your highest balance will be £600. Your first bonus is £300, which is 50% of £600.
In years 3 and 4 you save an extra £200 to grow your highest balance from £600 to £800. Your final bonus is £100, which is 50% of £200. Even though you withdrew some money after your balance was £800, this does not affect your bonus.
What happens if you withdraw money
If you withdraw money it will be harder for you to:
- grow your highest balance
- earn the largest possible bonuses
Withdrawing money could mean you are not able to earn a final bonus - depending on how much you withdraw and when.