I know this has been mentioned in passing but I can’t find a topic on it.
Help To Save is a government backed savings product available to a limited number of people (NS&I looking at the sort code).
You can save between £1 and £50 per month for 2 years. At the end of that period you get 50% of that paid as a bonus into your nominated bank account. You can then keep it going for another 2 years and get another 50% bonus on the higest balance above what your highest balance was at the 2 years mark.
Add money by debit card, bank transfer or standing order. You aren’t tied into a set amount every month or even contributing every month if you haven’t got the money. You can also withdraw at any time if you really need to, although it takes 3 working days. If you close your account you cannot open another one.
Eligibility is a bit restricted and you need to be a UK resident
You can open a Help to Save account if you’re any of the following:
- receiving Working Tax Credit
- entitled to Working Tax Credit and receiving Child Tax Credit
-claiming Universal Credit and your household earned £569.22 or more from paid work in your last monthly assessment period
It only takes minutes to set up so it’s worth considering if you are eligible