Department for Work & Pensions DWP Help to Save Scheme
The new scheme from DWP Help to Save is a type of savings account that allows people on benefits such as Working Tax Credit or Universal Credit to get a bonus of 50p for every £1 they save over 4 years.
The Help to Save scheme is backed by the DWP & the government so all savings in the scheme are secure.
How payments work
You can save between £1 and £50 each calendar month. You do not have to pay money in every month.
You can pay money into your Help to Save account by debit card, standing order or bank transfer.
You can pay in as many times as you like, but the most you can pay in each calendar month is £50. For example, if you have saved £50 by 10 march you will not be able to pay in again until 1 Aprill.
You can only withdraw money from your Help to Save account to your bank account.
How do the bonuses work
You get bonuses at the end of the second and fourth years. They’re based on how much you’ve saved.
What happens tp my account after 4 years
Your Help to Save account will close 4 years after you open it. You will not be able to reopen it or open another Help to Save account. You’ll be able to keep the money from your account.
You can close your account at any time. If you close your account early you’ll miss your next bonus and you will not be able to open another one.
