Millions of Britons could miss out on a vital government bonus by not taking advantage of the scheme on offer. It’s called the Help to Save account and, as the name suggests, it could provide an important form of assistance to Britons. The savings account is specifically designed to help people with low incomes.
After four years, individuals will get a final bonus if they continue to save, and this bonus is 50% of the difference between two amounts:
- Highest balance saved in the first two years (years one and two)
- Highest balance saved in the last two years (years three and four)
If a person’s highest balance does not increase, they will not earn a final bonus.
With the maximum amount saved each calendar month being £50, Britons can save £2,400 over a four-year period.
Therefore, the maximum a person can draw from their savings in four years is £1,200 in bonuses.
With the advantage of this account available, many people will want to check if they are eligible.
People can open a Help with Savings account if they are one of the following:
- Benefit from the Labor Tax Credit
- Entitlement to working tax credit and child tax credit
- Applying for Universal Credit and someone earned £617.73 or more from paid work in their last monthly assessment period
If a couple receives payments together, they can apply for their own Savings Assistance account. However, this will have to be done separately.
People must also live in the UK except in a number of circumstances.
If someone is a Crown servant or a member of the UK Armed Forces, they should be able to apply for a Help to Save account.
The Help to Save account is designed to be simple to apply for, so people in the UK can take advantage of it in 2022.
To apply, people will need a Government Gateway user ID and password from the official government website.
Those who do not have an identifier will be able to create one during their request.
Finally, individuals will need to provide their UK bank details when applying.