Overview
- HMRC used new public messaging, including posts on X, to tell millions of Universal Credit recipients they are eligible and to direct them to apply via GOV.UK or the HMRC app.
- Eligibility covers people on Universal Credit or Working Tax Credit, with flexible deposits of £1 to £50 per month and no requirement to pay in every month.
- Bonuses are calculated at the end of years two and four based on the saver’s highest balance, and the final bonus is only paid if that highest balance increases.
- Bonus payments go into the saver’s bank account rather than the Help to Save account, and each account closes automatically after four years.
- Since the 2018 launch nearly 500,000 accounts have been opened with £372.5 million saved, and Martin Lewis has publicly endorsed the scheme as risk-free and “unbeatable.”