Millions of Britons could miss out on a vital government bonus by not taking advantage of the proposed program. It’s called the Help to Save account, and as the name suggests, it could provide some important form of help to the British. The savings account is specifically designed to help low-income people.
After four years, individuals will receive a final bonus if they continue to save, and this bonus is 50% 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 (third and fourth years)
If a person’s highest balance does not increase, they will not earn a final bonus.
With the maximum amount saved each calendar month being £ 50, Brits can save £ 2,400 over a four-year period.
Therefore, the maximum that a person can earn from their savings in four years is £ 1,200 in bonus money.
With the benefit of this account available, many people will want to check if they are eligible.
Users can open a Help to Save account if they are one of the following:
- Benefit from the work tax credit
- Right to the work tax credit and beneficiary of the child tax credit
- Apply for Universal Credit and someone made £ 617.73 or more from paid work in their last monthly assessment period
If a couple gets payments together, they can apply for their own Savings Assistance account. However, this will have to be done separately.
Individuals must also live in the UK except under a number of circumstances.
If a person is a Crown official or member of the UK Armed Forces, they should be able to apply for a Help to Save account.
The Help to Save account is designed to be easy to apply, so that Britons can take advantage of it in 2022.
To apply, people will need a Government Gateway ID and password on the official government website.
Those who do not have an identifier will be able to create one during their application.
Finally, individuals will need to provide their UK bank details when requesting.