03 November 2023

HM Revenue and Customs (HMRC) is encouraging customers to sign up to Help to Save, the government savings scheme, after revealing savers shared £146 million in bonus payments.

Help to Save customers have received £146 million in bonus payments since the scheme launched in September 2018 and HMRC is urging individuals to take advantage of the generous savings scheme.

Help to Save is the government savings scheme for low-income earners and offers savers a 50% bonus payment worth up to £1,200 over a maximum of 4 years. Latest figures reveal that almost 450,000 customers opened a Help to Save account between September 2018 and March 2023, with nearly £372.5 million paid into accounts during that time.

Customers can open a Help to Save account if they are receiving:

  • working tax credit
  • child tax credit  and are entitled to working tax credit
  • universal credit and they (with their partner if it is a joint claim) had take-home pay of £722.45 or more in their last monthly assessment period.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

‘‘Hundreds of thousands of people are benefitting from Help to Save. It’s a great way of saving whatever you can and the government will top up your savings by 50%. It’s quick and easy to apply online or via the HMRC app. Just search ‘Help to Save’ on GOV.UK to find out more and apply today.’’

The full press release can be found, here.

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