A recent extension to the Help to Save scheme means three million people can earn a £300 annual bonus
An additional three million people could potentially benefit from the extension of a unique UK Government savings scheme designed to help those on a low income. HM Revenue and Customs recently announced that the Help to Save scheme, which was due to close to new applicants next month, has been extended to April 2025.
Commenting on the extension, Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Help to Save can encourage positive saving habits - no matter what you can afford to save - and the 50 per cent government bonus payment can help savers when they need it most.” What is Help to Save? The Help to Save account is a state-operated scheme which millions of people on a low income, or claiming certain benefits, could be eligible to join. In simple terms, for every £1 you put in you get a 50p bonus over a period of up to four years.
Top Money Stories Today How payments work You can save between £1 and £50 each calendar month - you don’t have to pay in every month. Payments can be made by debit card, standing order or bank transfer. What happens after four years? Your Help to Save account will close four years after you open it. You will not be able to reopen it or open another Help to Save account. You can close your account at any time. If you close your account early you will miss your next bonus and you will not be able to open another one.HMRC has prepared a video on YouTube to help customers find out more about Help to Save.
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