UK Help to Save scheme


#1

As seen in a reddit thread, this is the first I’ve heard (good or bad) about the Help to Save scheme.

Someone linked the government site quoting:

About Help to Save

Help to Save is a savings scheme backed by HM Treasury, so your savings are 100% secure.

You can only open an account if you’re receiving Working Tax Credit and meet all the eligibility criteria.

If you’re eligible for an account, you could earn a 50% bonus on the money you’ve paid in.

If you pay in £2,400 over 4 years and don’t make any withdrawals, you will earn the highest possible bonus of £1,200. All bonus money is tax-free.

https://www.tax.service.gov.uk/help-to-save/about-help-to-save


#2

Wow. Never heard of this and it sounds great.
It’s also available on universal credit as working tax credit is being withdrawn.

Think this is newer info https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme

Irony is if you have £5000 in savings your universal credit is reduced