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This publication is available at https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme
1. About Help to Save
Savings play an important role in helping families and individuals prepare and plan for the future.
Help to Save is a new government saving scheme to support working people on low incomes to build their savings.
Over 4 years, regular savers can deposit up to £50 a month and could receive up to £1,200 in tax-free bonuses.
2. Who Help to Save is for
The scheme, administered by HM Revenue and Customs, will be open to UK residents who are:
- entitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit payments
- claiming Universal Credit and have a household or individual income of at least £542.88 for their last monthly assessment period
People living overseas who meet either of these eligibility conditions can apply for an account if they are:
- a Crown servant - or their spouse or civil partner
- a member of the British armed forces - or their spouse or civil partner
If you currently meet one of these eligibility conditions, you do not need to do anything different at this stage.
Help to Save started with a trial in January 2018, rolling out in stages. It will be available to all those eligible from October 2018.
3. How it works
Once confirmed as eligible, customers can start saving straight away. All transactions, including checking the balance and paying in savings, can be managed in an online account available through GOV.UK.
Customers can save up to £50 each month.
At the end of 2 years, savers will get a 50% bonus based on the highest balance achieved.
Customers can carry on saving for another 2 years and get another 50% bonus on their additional savings.
Over 4 years, those saving the maximum of £2,400 will receive bonuses of £1,200.
Money paid into the account can be withdrawn at any time, but this could affect the size of the bonus payment.