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Help to Save is a new government saving scheme to help working people on tax credits and Universal Credit build their savings. Here are the key things you need to know.
With Help to Save you get a 50% bonus on your savings. So you can earn 50p for every £1 you save.
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 money in is up to you! You don’t have to pay money in each month for the account to remain open.
After two years, you’ll get a 50% tax-free bonus on your savings. If you continue saving you could get another 50% tax-free bonus at 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. (Figure correct in 2018.)
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.
Opening an online account is simple
If you are eligible, you can open an online account within minutes. You can do this at
gov.uk/helptosave or through the HMRC app.
To set up your account all you’ll need is:
– Your National Insurance Number.
– Your bank account details – the bonus and any withdrawals will be paid into this account.
– A Government Gateway account. If you don’t have a one already you
can create one as part of your application.
Paying in is easy
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 you manage your money.
You can also make one-off payments by debit card when you are in your online account.
To make the most of your £50 monthly deposits and get the maximum bonus make sure your
payments, including standing orders, arrive in your account before the last working day of the
month to ensure they are credited that month. Don’t get caught out by weekends and public
You can withdraw money if you need to
You can withdraw money at any time from your account.
However, if you withdraw money it will be harder for you to increase your highest balance and get
the biggest bonus.
You can continue to receive tax credits or Universal Credit while
saving with Help to Save
If you receive Working Tax Credits you will not see a reduction in the support you get.
Your Universal Credit award will only be affected if all your total savings are over the current
£6,000 savings limit.
If your situation changes and you stop receiving Working Tax Credit
or Universal Credit, you can still save!
You don’t need to inform us of this and can still keep your account, pay in money and get any
bonuses you’re entitled to.
Help to Save is backed by the government
This means that the money you save is secure.
Help to Save accounts are available now!
Eligible customers can apply now, up to September 2023.
If you don’t have access to the internet, you can still get an account
Call 0300 322 7093 and helpline advisers will help you get set up.
Hillcrest has a team of staff who can help you with setting up a Help to Save account and any Universal Credit issues.
Call 0300 123 2640 and ask for Tenancy Sustainment if you need any information or advice, or alternatively you can email email@example.com.