UK markets close in 6 hours 10 minutes
  • FTSE 100

    6,877.75
    +17.88 (+0.26%)
     
  • FTSE 250

    22,079.58
    -28.97 (-0.13%)
     
  • AIM

    1,239.33
    +1.46 (+0.12%)
     
  • GBP/EUR

    1.1599
    +0.0025 (+0.21%)
     
  • GBP/USD

    1.3936
    -0.0001 (-0.00%)
     
  • BTC-GBP

    39,937.31
    +423.45 (+1.07%)
     
  • CMC Crypto 200

    1,271.56
    +37.15 (+3.01%)
     
  • S&P 500

    4,134.94
    -28.32 (-0.68%)
     
  • DOW

    33,821.30
    -256.33 (-0.75%)
     
  • CRUDE OIL

    61.96
    -0.71 (-1.13%)
     
  • GOLD FUTURES

    1,779.00
    +0.60 (+0.03%)
     
  • NIKKEI 225

    28,508.55
    -591.83 (-2.03%)
     
  • HANG SENG

    28,621.92
    -513.81 (-1.76%)
     
  • DAX

    15,163.44
    +33.93 (+0.22%)
     
  • CAC 40

    6,188.04
    +22.93 (+0.37%)
     

More than 264,000 people have opened a Help to Save account

Vicky Shaw, PA Personal Finance Correspondent
·1-min read

More than 264,000 people have opened a Government-backed account designed to help those on low incomes, HM Revenue and Customs (HMRC) figures show.

Total deposits into Help to Save in the six months from August 2020 to January 2021 exceeded £40 million.

This was the highest recorded amount saved in a six-month period since the scheme started in September 2018.

The scheme allows certain people entitled to Working Tax Credit or receiving Universal Credit to receive a bonus of 50p for every £1 they save over four years.

The 50% bonus is payable at the end of the second and fourth year and is based on how much account holders have saved.

Account holders can save up to £50 a month. If they save the maximum amount each month for four years, they could save £2,400 and earn £1,200 in bonus payments.

More than 42,000 new Help to Save accounts were created between August 2020 and January 2021.

Angela MacDonald, HMRC’s deputy chief executive, said: “The Help to Save scheme has helped more than 264,000 individuals open a savings account. And regular savers can earn up to £1,200 in bonus payments, over four years.

“It is easy to set up an account. Just search Help to Save on gov.uk.”

Nearly 217,000 people have made a deposit to their Help to Save account, with the average monthly deposit per person put at £48.

Those eligible can set up a Help to Save savings account at any time until September 2023.