Millions of UK households could be missing out on a cash boost worth up to £1,200.
The Help to Save scheme offers people who receive Universal Credit and certain other benefits the chance to add money to their savings. The incentive was launched in 2018, but many people don't know about it.
To get the maximum £1,200, each eligible person in the household will need to save £50 a month for four years, a total of £2,400. The boost will bring your savings to £3,600, the equivalent of saving £75 per month.
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And if there's two people who can open an account each, the totals will be doubled, Chronicle Live reports. It is thought that around 270,000 people have opened a Help to Save account since its launch, out of an estimated 3.5million people who were estimated to be eligible for an account.
The scheme offers much higher interest rates on savings accounts available at the moment.
Who is eligible for an account?
You can open an account if you live in the UK and receive one of the following benefits:
- Working Tax Credit
- Are entitled to Working Tax Credit and receive Child Tax Credit
- Claim Universal Credit and you (with your partner if it’s a joint claim) earned £658.64 or more from paid work in your last monthly assessment period
Your eligibility is checked as part of the application process and you won’t be able to apply unless you’re eligible for the account.
You can open an account two ways:
- Online: Here at Help to Save on Gov.uk. It'll need you to sign in to your Government Gateway account
- Call 0300 322 7093 and the HMRC helpline advisers will help you set up an account.
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