Are you in receipt of Working Tax Credit or Universal Credit and looking to save for something special? A holiday, a big event in your life... or perhaps you'd like to have some savings behind you?
The Help to Save account allows you to receive a bonus of 50p for every £1 you save over four years. Debt charity has Step Change campaigned for this scheme which is backed by the Government so your savings are safe and secure.
You can save as little as £1 and up to £50 each calendar month. Payments can be made as many times as you like in that month up to £50, and you don’t have to pay money in every month. So, for instance, if you pay £50 in May you won't be able to pay in again until June.
Payments can be made by debit card, standing order or bank transfer.
If you need to withdraw savings, you can only do this from your Help to Save account to your bank account.
Bonuses are paid at the end of the second and fourth years and are based on how much you’ve saved. You can close your account at any time. However if you close your account early you’ll miss your next bonus and if your account has been closed you cannot reopen it or open another account.
Your Help to Save account closes four years after you open it and you’ll be able to keep the money from your account.
What have you got to lose?