Millions of Britons could be missing out on a vital Government bonus by failing to take advantage of the scheme on offer. It is called the Help to Save account, and as the name suggests, it could provide a significant form of assistance to Britons. The savings account is specifically designed to provide assistance to individuals on a low income.
After four years, individuals will get a final bonus if they continue to save, and this bonus is 50 percent of the difference between two amounts:
- The highest balance saved in the first two years (years one and two)
- The highest balance saved in the last two years (years three and four)
If a person’s highest balance does not increase, then they will not earn a final bonus.
With the maximum amount saved each calendar month being £50, Britons can save £2,400 over a four year period.
Therefore, the most a person can earn from their savings in four years is £1,200 in bonus money.
With the advantage of this account available, many people will wish to check if they are eligible.
People can open a Help to Save account if they are any of the following:
- Receiving Working Tax Credit
- Entitled to Working Tax Credit and receiving Child Tax Credit
- Claiming Universal Credit and a person earned £617.73 or more from paid work in their last monthly assessment period
If a couple get payments together, they can apply for their own Help to Save accounts. However, this will have to be done separately.
Individuals also need to be living in the UK, except in a set number of circumstances.
If a person is a Crown servant, or a member of the British armed forces, they should be able to apply for a Help to Save account.
The Help to Save account is designed to be simple to apply for, so Britons can take advantage in 2022.
To apply, people will need a Government Gateway user ID and password on the Government’s official website.
Those who do not have a user ID will be able to create one when they apply.
Finally, individuals will need to provide their UK bank details when making an application.