Eligibility for Savings Boost: The UK government has expanded eligibility for a savings boost, benefiting over half a million more individuals. This move aims to support low-income households and those with disabilities, providing them with additional financial assistance.
The UK government has expanded its Help to Save scheme to include over 550,000 more people, aiming to support low-income households and individuals receiving Universal Credit. This initiative is part of the government’s mission to grow the economy and deliver on its Plan for Change.
Key Features of the Help to Save Scheme
– Eligibility: The scheme is now open to anyone working and receiving Universal Credit, covering an additional 550,000 people.
– Savings: Individuals can deposit between £1 and £50 each month, earning a 50% bonus on top of their savings.
– Bonus Payments: Bonuses are paid in the second and fourth years of the account being opened, applying to the highest amount saved within the period.
– Maximum Bonus: Savers who deposit the maximum amount of £2,400 over four years will receive a bonus totaling £1,200.
Still on Eligibility for Savings Boost
Benefits and Impact
– Financial Support: The scheme provides a great return on savings, helping individuals build financial resilience and futures.
– Increased Accessibility: The extension of the scheme to April 2027 means more people can benefit from the program.
– Existing Success: Since its launch in 2018, Help to Save has paid out millions of pounds in bonuses to over 500,000 people, with 93% of savers paying in the maximum £50 every month.
Quotes from Key Officials
– Emma Reynolds, Economic Secretary to the Treasury: “Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.”
– Myrtle Lloyd, HMRC’s Director General for Customer Services: “Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50% on top of their savings, no matter how little you can save each month.”
– Michelle Highman, Chief Executive of The Money Charity: “We are really pleased to see the Help to Save scheme extended and made available to more people. It’s a brilliant way for people to start to save and to build their financial resilience and futures.”
Application and Management
– Online Application: Individuals can apply online or via the HMRC app.
– Account Management: App users can view their account, check their balance and bonus details, and make deposits via debit card, bank transfer, or standing order.
– Flexibility: Money can be withdrawn at any time, although this may affect the 50% bonus payments. Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024.
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