Saving money can be tough – and sometimes dismally-low interest rates can make it feel as if it’s not worth the bother. But how about a savings plan which pays back 50 per cent bonus? Save £1, get £1.50 back. Save £10, get £15 back. Save £1,000, get £1,500 back.

Save the maximum of £50 a month over the four-year term and you’ll get £3,600 back, which includes £1,200 in bonus payments alone.

Help to Save is a new Government saving scheme to support working people on tax credits and Universal Credit build their savings.

You can save between £1 and £50 every calendar month and accounts last for four years from the date you open the account. Within these limits how much you save and when you pay in is up to you. You don’t need to pay in each month for the account to remain open, and the account will only be closed if you order it.

After two years, you’ll get a 50% tax-free bonus on your savings. And if you continue saving you could get another 50% tax-free bonus after four years. This means you could receive tax-free bonuses worth up to £1,200, to spend how you like.

You can open a Help to Save account if you live in the UK and you’re either entitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit payments; claiming Universal Credit and your household income in your last monthly assessment period was £542.88 or more. Payments from Universal Credit won’t be considered part of your household income.

Also if you and your partner have a household award of tax credits or Universal Credit and are eligible for Help to Save you can each open individual accounts.

Eligible customers can open an online account within minutes at or through the HMRC app. All you’ll need is your National Insurance number, your bank account details – the bonus and any withdrawals will be paid into this account – and a Government Gateway account. If you don’t have a Government Gateway account you can create one as part of your application.

You can set up a standing order to make regular payments into your Help to Save account on a weekly, fortnightly or monthly basis to fit the way that you manage your money. You can also make one-off payments by debit card when you are in your online account.

You can withdraw money at any time if you need to, However this would affect your ability to earn maximum bonus

Go to for more information. You can also watch an explanatory You Tube video at