HSTM04100 - Bonus: Bonus payment timing

A bonus is to be paid to the account holder. Bonuses are paid into the bank account designated by the account holder:

  1. at the end of the period of 24 months, beginning with the month in which the Help-to-Save account is opened. This period is known as the “first bonus period” ; and
  2. at the end of the maturity period, which is normally 48 calendar months, beginning with the calendar month in which the account was first opened.

If the individual for whom the account is opened becomes terminally ill or dies before the period detailed in b), the maturity period begins with the date the account was first opened, and ends with the individual becoming terminally ill or the individual’s death.

An account holder is to be considered as suffering from a terminal illness if HMRC has received written evidence from a registered medical practitioner stating that the account holder is expected to live for less than 12 months.

The authorised account provider, NS&I, must pay the bonus to the account holder within 21 days from the end of the first bonus period or the maturity period (as the case requires).

If the account holder dies, the authorised account provider, NS&I, must pay to the account holder’s personal representatives the amount of any bonus accrued to the date of death. This payment should be made within 21 days of the end of the month in which HMRC receives evidence of the death of the account holder and of the status of the personal representatives.