Help to Save is a government savings account that pays out 50p for every pound saved to people on certain benefits. Over the course of four years, that’s £1,200 of spare money, so why aren’t the Brits making the most of it?
Unfortunately, not everyone can apply for a Help to Save account, but millions of eligible people are missing out.
The option is available to people on Universal Credit, Child Tax Credits or Working Tax Credit to encourage them to start a health saving habit.
Despite this, more than three million people who would qualify for one of these accounts have not created one.
Saving the maximum £50 a month for four years will mean Britons will receive bonuses of up to £1,200 from HM Revenue and Customs (HMRC).
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The large sum could help Britons get out of debt, pay for driving lessons for their grandchildren or head towards a retirement fund.
The other reason millions of Brits could miss out is because they don’t know about the scheme.
However, experts have recommended the savings account, including financial guru Martin Lewis.
Martin says it’s a no-brainer and anyone who qualifies should take advantage of it.
- On Universal Credit and have earned an income of at least 16 hours per week at the National Living Wage (from 1 April 2021 this equates to £617.76 per month) during the previous assessment period.
The good news is that out of 284,000 accounts opened, 91% of account holders have set aside the maximum £50 per month.
That should mean they have a nice little nest egg after four years.
It’s quick and easy to create an account, just search for “help to save” on Gov.uk.
