HSTM03500 - Administration: General requirements for Help-to-Save accounts

The Help-to-Save account must be the account of a single individual who made the application for the account. The account must not be held on behalf of a person other than the account holder.

The account must be denominated in sterling.

The authorised account provider, NS&I, must pay the account holder, or in the case of death their personal representative, any bonus due.

There is no restriction on the maximum or minimum amount of withdrawals, or on the timing/frequency of withdrawals from the credit balance of the Help-to-Save account.

There is no requirement that a minimum credit balance must be maintained in the account. An account with a nil balance is not automatically closed.

The account provider shall not levy charges against the balance of the account

If the account provider delegates any of its functions or responsibilities, it must be satisfied that the person to whom the function or responsibility is delegated to competent to carry them out.

HMRC is to determine whether an account meets the requirements detailed above.