Overview
- HMRC says the change follows the Autumn Budget decision confirming the scheme’s permanence after it was previously due to end in 2027.
- Help to Save pays a 50% bonus on savings of £1 to £50 a month, with up to £1,200 available over four years.
- Bonuses are calculated on the highest balance and paid after the second and fourth years, with withdrawals potentially reducing the payout.
- Nearly 500,000 low-income savers have already received more than £220 million in bonuses, according to HMRC data.
- About 8.3 million people are on Universal Credit, and accounts can be opened online or via the HMRC app, which one in five customers used.