HM Revenue and Customs (HMRC) has issued a reminder about an important scheme
HM Revenue and Customs (HMRC) has reminded Brits that they could receive a Government cash boost of up to £1,200. Those on Universal Credit may qualify for a scheme known as Help to Save.
Help to Save is a savings account that offers people a 50p bonus for every £1 they deposit. Savers can contribute up to £50 per month.
The scheme lasts for a maximum of four years, during which you could gain an extra £1,200 from the Government. HMRC posted a reminder about the account on social media platform X.
The message read: “Want to boost your savings? With Help to Save, for every £1 eligible Universal Credit claimants save, the Government adds 50p.
“That’s up to £1,200 in bonus payments over four years. Check eligibility and apply today.”
How do the payments work?
Further details about the scheme are provided on GOV.UK. It states: “You can save between £1 and £50 each calendar month. You do not have to pay money in every month.
“You can pay money into your Help to Save account by debit card, standing order or bank transfer. You can pay in as many times as you like, but the most you can pay in each calendar month is £50.
“For example, if you have saved £50 by 8 January you will not be able to pay in again until 1 February. You can only withdraw money from your Help to Save account to your bank account.”
Your bonuses will be awarded at the end of the second and fourth years, based on the amount you’ve saved.
However, your Help to Save account will close four years after opening. “You will not be able to reopen it or open another Help to Save account,” GOV.UK states.
“You’ll be able to keep the money from your account. You can close your account at any time. If you close your account early you’ll miss your next bonus and you will not be able to open another one.”
Who qualifies
You can open a Help to Save account if you’re receiving Universal Credit and you (alongside your partner if it’s a joint claim) had take-home earnings of £1 or more in your last monthly assessment period. Your take-home earnings represent your pay after deductions (such as tax or National Insurance).
If you receive payments as a couple, both you and your partner can apply for individual Help to Save accounts. Applications must be made separately.
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You must also be residing in the UK. If you live abroad, you can apply for an account if you’re either a:
- Crown servant or their spouse or civil partner
- Member of the British armed forces or their spouse or civil partner
If you stop claiming benefits you can continue using your Help to Save account. GOV.UK confirms: “Help to Save is backed by the government so all savings in the scheme are secure.”
