Help to Save is a UK Government backed saving scheme aimed at encouraging a savings habit for people on lower incomes.
The scheme is designed to support working people on tax credits and Universal Credit to build their savings. They can save between £1 and £50 every calendar month and accounts last for four years from the date they open the account.
After two years, they will get a 50% tax-free bonus on their savings. And if they continue saving they could get another 50% tax-free bonus after four years. This means they could receive tax-free bonuses worth up to £1,200, to spend how they like.
Our aim is to promote and raise awareness of the benefits of the scheme to delegates, outlining the opportunity the Help to Save scheme offers with regards to providing Financial Inclusion / Wellbeing for their employees and customers.