HMRC gives people on benefits green light to open a special account with free £1,200 bonus

What is the Help to Save account?

The Help to Save account is a government scheme that helps people on low incomes save money. It is a special type of savings account that pays a bonus of £1,200 to savers who meet certain criteria.

Who is eligible for a Help to Save account?

To be eligible for a Help to Save account, you must meet the following criteria:

• Be aged 16 or over
• Be a UK resident
• Have a valid National Insurance number
• Have an annual income of less than £30,000

If you meet these criteria, you can open a Help to Save account with a bank or building society that offers the scheme.

How does the Help to Save account work?

The Help to Save account is a four-year savings account. You can save up to £50 per month into your account. The government will then add a bonus of 50p for every £1 you save, up to a maximum bonus of £1,200.

The bonus is paid at the end of the four-year term. You can withdraw your money from your Help to Save account at any time, but if you do so before the end of the four-year term, you will lose your bonus.

What are the benefits of a Help to Save account?

There are a number of benefits to opening a Help to Save account:

• You can get a free bonus of £1,200
• The account is tax-free
• You can save up to £50 per month
• Your savings are protected by the Financial Services Compensation Scheme

If you are on a low income and looking for a way to save money, a Help to Save account could be a good option for you.

How do I open a Help to Save account?

You can open a Help to Save account with a bank or building society that offers the scheme. To open an account, you will need to provide your:

• Name
• Address
• Date of birth
• National Insurance number

You will also need to provide proof of your identity, such as a passport or driving licence.

Once you have opened an account, you can start saving money. You can save up to £50 per month into your account. The government will then add a bonus of 50p for every £1 you save, up to a maximum bonus of £1,200.

The bonus is paid at the end of the four-year term. You can withdraw your money from your Help to Save account at any time, but if you do so before the end of the four-year term, you will lose your bonus.