Latest news with #HelptoSave
Daily Mirror
a day ago
- Business
- Daily Mirror
Universal Credit recipients eligible for up to £1,200 bonus
The scheme has already distributed millions in bonuses since it started, and now more people will qualify to sign up More than half a million people in the UK could benefit from a savings scheme that could see them get cash bonuses of up to £1,200. According to HM Revenue and Customs (HMRC) more people on Universal Credit are now eligible for the Help to Save scheme, which has been running for seven years. Now open to any qualifying working person receiving Universal Credit, an extra 550,000 people are eligible to start saving and earning sizable bonuses, which could amount to a total of £1,200 across four years. By prolonging Help to Save until April 2027, the initiative will enable more low-income earners to reap the rewards of the programme. As reported by the Daily Record, the scheme has already distributed millions in bonuses to over 500,000 participants since its initiation in 2018. A remarkable 93 per cent of account holders have consistently deposited the full £50 monthly into their Help to Save accounts. Economic secretary Emma Reynolds commented on the scheme: "Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support." Myrtle Lloyd, HMRC's director general for customer services, commented: "Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50 per cent on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today." Individuals can put away £1 to £50 monthly to earn an additional 50p for every pound saved, with rewards disbursed in the second and fourth year after opening the account. Withdrawals from the accounts are permitted anytime, although this might impact the size of the 50 per cent bonus, which is calculated based on the highest balance maintained in the account. Close to 18,500 users opened up a Help to Save account using the HMRC app in 2024. The app provides a platform for account holders to oversee their funds, inspect balances and bonuses, and deposit money using a debit card, bank transfer or standing order. Michelle Highman, chief executive of The Money Charity, expressed her enthusiasm regarding the scheme: "We are really pleased to see the Help to Save scheme extended and made available to more people. It's a brilliant way for people to start to save and to build their financial resilience and futures. "Saving even just a little each month will help, and the added 50 per cent bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings." Eligibility You're eligible to open a Help to Save account if you're on Universal Credit and your last monthly assessment period showed a take-home pay of £1 or more (this includes your partner's income if it's a joint claim). Your take-home pay is what you earn after deductions such as tax or National Insurance. If you receive payments as a couple, both you and your partner can apply for individual Help to Save accounts. However, each application must be made separately. Additionally, you need to be residing in the UK. If you're living abroad, you can still apply for an account if you're either a: Crown servant or their spouse or civil partner Member of the British armed forces or their spouse or civil partner. For further information and to set up your Help to Save account, visit the website here.
Daily Record
2 days ago
- Business
- Daily Record
People on Universal Credit could be due cash bonus of up to £1,200
More than half a million more people on Universal Credit are in line for the savings boost. Reasons your Universal Credit may be cut by DWP HM Revenue and Customs (HMRC) recently announced more than half a million more people on Universal Credit are in line for UK Government bonuses worth up to £25 per month to boost their savings pots and help ease rises in the cost of living. As part of the UK Government's mission to grow the economy, improve lives in every corner of the country and to deliver its Plan for Change, Help to Save is now open to anyone working and receiving Universal Credit, giving 550,000 more people the opportunity to save and earn a bonus, worth up to a maximum of £1,200 over four years. Its extension to April 2027 means more people on a low income can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018. Some 93 per cent of scheme users have paid in the maximum £50 every month to their Help to Save account. In Scotland, 36,050 people have paid in a total of £33,584,000 into their Help to Save accounts, since September 2018. An account can be set up in just a few minutes - you don't have to deposit any money straight away - and easily managed through or the HMRC app, making it accessible to people throughout the UK. Savers who deposit the maximum amount of £2,400 over four years will (£50 per month) receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year. Economic Secretary Emma Reynolds said: 'Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.' Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50 per cent on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.' Savers can deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. Money can be withdrawn at any time, although this may affect the 50 per cent bonus payments. The bonus is determined by the highest amount held in the account. Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024. App users can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order. Michelle Highman, Chief Executive of The Money Charity, said: 'We are really pleased to see the Help to Save scheme extended and made available to more people. It's a brilliant way for people to start to save and to build their financial resilience and futures. 'Saving even just a little each month will help, and the added 50 per cent bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings.' Help to Save in a nutshell The Help to Save account is a state-operated scheme which millions of people on a low income, or claiming Universal Credit, could be eligible to join. In simple terms, for every £1 you put in you get a 50p bonus over a period of up to four years. However, you can also take the money out from the account at any time, but there's a catch - the bonus payout is based on the highest amount of money you put in. Even if you're not able to set aside money for savings at the moment, open an account anyway, while you are eligible to do so, because you don't have to put any money in. How payments work You can save between £1 and £50 each calendar month - you don't have to pay in every month. Payments can be made by debit card, standing order or bank transfer. You can pay in as many times as you like, but the most you can pay in each calendar month is £50. You can only withdraw money from your Help to Save account to your bank account. How bonuses work You get bonuses at the end of the second and fourth years - these are based on how much you have saved. Example: If you put £50 in each month for the first two years - a total of £1,200 - your first bonus payment would be for £600, even if you withdraw it all (but you would need to wait until the 24th month or the bonus payment would be less). Similarly, if you then add £50 for the next two years, you would receive another £600 payment. This means that in total, you could earn a free £1,200 and if you kept the money in or the whole four years, you would receive an impressive £3,600 when the account closes. What happens after four years? Your Help to Save account will close four years after you open it. You will not be able to reopen it or open another Help to Save account. You can close your account at any time. If you close your account early you will miss your next bonus and you will not be able to open another one. Eligibility You can open a Help to Save account if you're receiving Universal Credit and you (with your partner if it's a joint claim) had take-home pay of £1 or more in your last monthly assessment period. Your take-home pay is your pay after deductions (such as tax or National Insurance). If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately. You also need to be living in the UK. If you live overseas, you can apply for an account if you're either a: Crown servant or their spouse or civil partner member of the British armed forces or their spouse or civil partner If you stop claiming benefits You can keep using your Help to Save account. Will it affect my benefit payments? You can continue to receive Tax Credits or Universal Credit while saving with Help to Save. For more information and to set up your Help to Save account, visit the website here.
Yahoo
06-06-2025
- Business
- Yahoo
The £1,200 savings boost millions of universal credit claimants are missing out on
Millions of people could be eligible to save an extra £1,200 through a savings scheme they are currently missing out on. People who claim universal credit looking for ways to make their money stretch a little further can earn 50p for every £1 they put away for the next four years through the government's Help to Save scheme. First launched in 2018, the scheme was extended in April and will now run until April 2027. While the government estimates that around 3 million people could benefit from Help to Save, just under 517,000 accounts have been opened since its launch in 2018. Here's what you need to know about Help to Save, including who is eligible, how to join and how much you can save. Help to Save is a type of savings account set up by the government to help lower income workers to build up funds. It allows people receiving universal credit to get a bonus of 50p for every £1 they save over 4 years. Help to Save is backed by the government so all savings in the scheme are secure. The Help to Save scheme is designed to help lower income households boost their savings. To qualify for the scheme, you must: Be a UK resident If you live overseas, be posted overseas as a crown servant or with the armed forces (or be their spouse or civil partner) Receive universal credit Have earned income of £1 or more in your (or your and your partner's, if it's a joint claim) last monthly assessment period Anna Stevenson, benefit expert at Turn2us - a charity that helps people living in poverty - told Yahoo News it "regularly hears from people receiving universal credit who are going without essentials." "Saving can feel next to impossible - especially with cuts looming for many. But for those who can put a little aside, the Help to Save scheme offers a useful way to build up even a small buffer against future shocks.' People put their deposits into a government Help to Save account. Each month, you can save anywhere between £1 to £50 by paying into the account with a debit card, standing order, or bank transfer. It's worth bearing in mind that you do not have to pay money in every month. While you can make as many deposits as you like over the course of each month, those deposits in total cannot exceed £50. The bonus is paid every two years. The first 50% is paid after that two-year period, calculated on the highest balance you had during those two years. The second 50% bonus is paid after four years, based on how much your highest balance increased in years three and four compared to the initial two-year period. It's worth bearing in mind that you can only withdraw money from your Help to Save account to your bank account. You get paid bonuses from the government at the end of the second and fourth years of saving. They're based on how much you've saved. These won't be paid into your help to save account, but directly into your bank account. For example, for every £100 you deposit, you get £50 from the government. If you save the maximum amount, £50 a month for two years — totalling £1,200 — your bonus after two years would be £600. If you then save another £50 a month for the next two years — another £1,200 — your total bonus after four years would be another £600, for a total of £1,200 in government bonuses. How much you save The government bonus £100 £50 £500 £250 £1,000 £500 £2,400 (max) £1,200 (max) You'll need to sign in to set up a Help to Save account. This can be done through the government website. You'll be able to create sign in details when you log in for the first time. You'll need your National Insurance number or postcode and two of the following: A valid UK passport A UK photocard driving licence issued by the DVLA (or DVA in Northern Ireland) Details from a self assessment tax return in the last 2 years, if you made one Information held on your credit record, if you have one (such as loans, credit cards or mortgages) You'll be asked to provide your UK bank details when you apply. After you have applied, you can also sign in to your Help to Save account through the HMRC app. Whether you have a single or joint claim, universal credit claimants can save up to £6,000 without there being any impact on your benefits. After this point, for every £250 you have in savings over £6,000, you'll lose £4.35/month of universal credit and £1 of council tax reduction. For example, if your combined savings total was £7,000, you'd get £17.40/month less via universal credit and £4 less via a council tax reduction on your annual bill. It's worth double checking whether joining the scheme can take you over the limit. The benefit is, however, how much you can tailor your savings. By calculating the monthly amount you can save — with the added government bonus — you can ensure you make the most of the scheme without going over the savings threshold for universal credit.
Daily Record
20-05-2025
- Business
- Daily Record
People on Universal Credit could be due cash bonus of up to £25 a month
More than half a million more people on Universal Credit are in line for the savings boost. Reasons your Universal Credit may be cut by DWP HM Revenue and Customs (HMRC) has announced more than half a million more people on Universal Credit are in line for UK Government bonuses worth up to £25 a month to boost their savings pots and help ease rises in the cost of living. As part of the UK Government's mission to grow the economy, improve lives in every corner of the country and to deliver its Plan for Change, Help to Save is now open to anyone working and receiving Universal Credit, giving 550,000 more people the opportunity to save and earn a bonus, worth up to a maximum of £1,200 over four years. Its extension to April 2027 means more people on a low income can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018. Some 93 per cent of scheme users have paid in the maximum £50 every month to their Help to Save account. In Scotland, 36,050 people have paid in a total of £33,584,000 into their Help to Save accounts, since September 2018. An account can be set up in just a few minutes - you don't have to deposit any money straight away - and easily managed through or the HMRC app, making it accessible to people throughout the UK. Savers who deposit the maximum amount of £2,400 over four years will (£50 per month) receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year. Economic Secretary Emma Reynolds said: 'Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.' Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50 per cent on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.' Savers can deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. Money can be withdrawn at any time, although this may affect the 50 per cent bonus payments. The bonus is determined by the highest amount held in the account. Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024. App users can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order. Michelle Highman, Chief Executive of The Money Charity, said: 'We are really pleased to see the Help to Save scheme extended and made available to more people. It's a brilliant way for people to start to save and to build their financial resilience and futures. 'Saving even just a little each month will help, and the added 50 per cent bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings.' Find out more about Help to Save at Help to Save in a nutshell The Help to Save account is a state-operated scheme which millions of people on a low income, or claiming Universal Credit, could be eligible to join. In simple terms, for every £1 you put in you get a 50p bonus over a period of up to four years. However, you can also take the money out from the account at any time, but there's a catch - the bonus payout is based on the highest amount of money you put in. Even if you're not able to set aside money for savings at the moment, open an account anyway, while you are eligible to do so, because you don't have to put any money in. How payments work You can save between £1 and £50 each calendar month - you don't have to pay in every month. Payments can be made by debit card, standing order or bank transfer. You can pay in as many times as you like, but the most you can pay in each calendar month is £50. You can only withdraw money from your Help to Save account to your bank account. How bonuses work You get bonuses at the end of the second and fourth years - these are based on how much you have saved. Example: If you put £50 in each month for the first two years - a total of £1,200 - your first bonus payment would be for £600, even if you withdraw it all (but you would need to wait until the 24th month or the bonus payment would be less). Similarly, if you then add £50 for the next two years, you would receive another £600 payment. This means that in total, you could earn a free £1,200 and if you kept the money in or the whole four years, you would receive an impressive £3,600 when the account closes. What happens after four years? Your Help to Save account will close four years after you open it. You will not be able to reopen it or open another Help to Save account. You can close your account at any time. If you close your account early you will miss your next bonus and you will not be able to open another one. Eligibility You can open a Help to Save account if you're receiving Universal Credit and you (with your partner if it's a joint claim) had take-home pay of £1 or more in your last monthly assessment period. Your take-home pay is your pay after deductions (such as tax or National Insurance). If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately. You also need to be living in the UK. If you live overseas, you can apply for an account if you're either a: Crown servant or their spouse or civil partner member of the British armed forces or their spouse or civil partner If you stop claiming benefits You can keep using your Help to Save account. Will it affect my benefit payments? You can continue to receive Tax Credits or Universal Credit while saving with Help to Save. For more information and to set up your Help to Save account, visit the website here.
Daily Mirror
19-05-2025
- Business
- Daily Mirror
‘Unbeatable' account for Universal Credit claimants where you can get £1,200
The account lasts four years with bonuses paid after the second and fourth years of the account being opened A savings account once described by Martin Lewis as "unbeatable" could see you earn an extra £1,200. Help to Save is a savings account for people claiming Universal Credit. This account allows you to save between £1 and £50 each month - and for every £1 you save, you get 50p back, which is a 50% return on your money. The account lasts four years with bonuses paid after the second and fourth years of the account being opened. If you're able to save the maximum of £50 each month, you will have saved £2,400 by the end of the four years and accrued £1,200 in bonuses. The bonuses are paid by the Government. You can save less and still get a bonus - for example, if you put away £25 a month over two years, your bonus would be £600 back. The account automatically closes after four years. Martin Lewis previously said of the Help to Save account: "Help to Save is by far the best-paying form of savings. If you're on Universal Credit, in work and earn £1+, you can get a 50% boost on what you save – even after you withdraw it!" Help to Save was due to end in April 2025, but in Budget documents, it was confirmed it has been extended by a further two years until April 5, 2027. Anyone who claims Universal Credit can open a Help to Save account providing they earned at least £1 from work in your last monthly assessment period. If you're in a couple, you and your partner can both open separate Help to Save accounts. You can open your Help to Save account through or the HMRC app. But keep in mind, if you have savings elsewhere, having a Help to Save account could potentially see your benefits reduced if you go over a certain threshold. You can only have up to £6,000 in savings if you claim Universal Credit or Housing Benefit. This would include any savings in your Help to Save account. HMRC recently posted about Help to Save on social media, to encourage people to open an account. They said: "More people than ever can sign up for Help to Save. For every £1 you save, the government adds 50p. That could mean up to £1,200 in bonus payments over four years. Find out how to apply today through the HMRC app."
