2 weeks Ago
HMRC has announced that more than half a million more UK savers can now benefit from Government bonuses worth up to £25 a month to boost their cash pots and help ease rises in the cost of living. As part of its Plan for Change, HM Revenue and Customs has opened Help to Save to anyone working and receiving Universal Credit – rewarding 550,000 more people, and they can apply today. 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.
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. The full details are included here. Economic Secretary Emma Reynolds says: “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.” An account can be set up in less than 5 minutes and easily managed through the link here on GOV.UK or the HMRC app, making it accessible to people throughout the UK.
Myrtle Lloyd, HMRC’s Director General for Customer Services, adds: “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. 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. Recommended reading: HMRC urging parents to claim £2,000 tax-free childcare Child Trust Funds worth £1.4bn in unclaimed accounts Child benefits to increase this year - how much and when do they go up? Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024.
App users have access to their savings account at their fingertips. They can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order. Money can be withdrawn at any time, although this may affect the 50% bonus payments.
Michelle Highman, Chief Executive of The Money Charity, says: "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.
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