Income Help To Save

Help to save is a new savings scheme for people on low incomes who are claiming certain benefits.

Income help to save. The help to save scheme was launched to help low income earners claiming universal credit or working tax credits to save. How to lower 4 monthly bills you hate paying. It allows certain people entitled to working tax credit or receiving universal credit to get a bonus of 50p for every 1 they save over 4 years. This may help you save money on a low income.

This guide explains who can get a help to save account how you can pay money into them and how the bonus payment works. Help to save gives you a bonus payment from the government of up to 50 half on savings paid into the account. Negotiate every bill you hate paying for. Here are some tips for helping those living on a lower income to increase their savings rate.

Help to save pays a 50 bonus on the amount saved up to a. This includes your cable internet cell phone home insurance car insurance gym membership and more. What is a help to save account. If your income is at or below that median amount you may be finding it difficult to save any money at all.

The help to save scheme allows individuals who meet certain conditions to open a four year savings account which pays a tax free bonus of up to 50 of the amount saved. Help to save is a type of savings account. 7 tips to save money on a low income. Many more have become eligible for the scheme in the last few months as their income s taken a hit due to coronavirus.

To help us improve gov uk we d like to know more about your visit today. Who is help to save for. We ll send you a link to a feedback form. Any adult working and also receiving universal credit will be able to save as long as their minimum household income is above the equivalent of 16 hours a week at the national living wage roughly 6 365 in the year 20176 18.

It will take only 2 minutes to fill in. The scheme will also be open to adults who receive working tax credits. Help us improve gov uk.