How To Get 50% Return On Your Savings If You Are On Low Income?

If you are a resident in the UK, receive a household income of more than £542.88 per month, and in receipt of Universal Credit, Working Tax Credit or Child Tax Credit then you may be entitled to the Government’s Help To Save scheme.

What is the Help To Save Scheme?

The Help To Save scheme is an account operated by the UK Government where you save between £1 and £50 per month within a 2 year block and the Government will provide you with a bonus of 50% of the highest your balance was, during the two year period.

For example, if you save £50 per month for the 2 years you will have £1200 saved the Government will pay you £600 after the two year period into your own bank account.

Can You Withdraw?

You can withdraw your money at anytime from your Government Help To Save Account. What matters is the highest you are able to save during the two year period. So if you saved £500 and withdrew £200 then you will still receive 50% of the £500 you managed to initially save (i.e. £250). 

Being MoneySmrt

For those on low income opening a Help To Save Account is a fantastic way to save money and make massive amounts on your savings account for free. It is also a great way for you to lend to your self for the time you need a little extra.

Want to Learn More?

Visit the Government Gateway website for more information:

CLICK HERE