More than half a million people in line for savings boost, says HMRC
More than half a million UK savers are in line for Government bonuses worth up to £25 a month, HM Revenue and Customs (HMRC) has announced today.
The Government savings scheme Help to Save has been extended until April 2027 and all Universal Credit claimants are now eligible to set up a savings account.
Help to Save is now open to anyone working and receiving Universal Credit, rewarding 550,000 more people, according to HMRC.
A spokesman said: “Its extension to April 2027 means more can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018.”
“This is evidence of the Government backing the most vulnerable in society with 93% of savers paying in the maximum £50 every month to their Help to Save account.”
“An account can be set up in less than five minutes and easily managed through GOV.UK or the HMRC app, making it accessible to people throughout the UK.”
Savers who deposit the maximum amount of £2,400 over four years will receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year.
Economic Secretary Emma Reynolds said: “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, said: “Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50 per cent on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.”
Savers can deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. The bonus payment applies to the highest amount saved within the period.
Michelle Highman, Chief Executive of The Money Charity, said:
'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. Saving even just a little each month will help, and the added 50% bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings.”
More information about Help to Save can be found at https://www.gov.uk/get-help-savings-low-income