The Savings Aid Account allows certain benefit recipients to get 50p for every pound they save over four years. The account has a monthly deposit limit of £50, meaning over the four years Brits could save £2,400 and earn an additional £1,200.
The Help to Save account is government backed, ensuring Britons’ funds are safe and their 50p per £1 bonus is secure.
Britons don’t have to deposit money into the account every month, but they can’t deposit more than £50 in a calendar month.
They can transfer money to the account through debit cards, standing orders or bank transfers.
Help to Save also offers an unlimited amount of deposits, as long as the total amount remains under £50.
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The account has a fixed term of four years, with bonuses paid at the end of the second and fourth year, depending on the amount saved.
After the first two years, the bonus will be 50% of the highest balance they have saved.
After four years, the final bonus will be 50% of the difference between two sums:
- Highest balance saved in the first two years
- Highest balance saved over the past two years.
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There are additional requirements for each benefit received.
People who receive a child tax credit should be entitled to, although not necessarily need to claim, a working tax credit.
Those on Universal Credit must have earned more than £658.64 from work in their last monthly assessment period.
If one has a joint claim with his partner, they must have won £658.64 or more together.
Couples will need to apply for savings assistance accounts separately.
If a person stops receiving benefits while their Savings Assistance account is still active, they can continue to use the savings account.