Help to Save Reform

The Help to Save scheme offers working people on low incomes in receipt of certain benefits 4-year savings accounts with a 50% government bonus where they can save a maximum of £50 a month.  At Spring Budget the government announced that the Help to Save scheme (originally due to close to new accounts in September 2023) will be extended by 18-months, on its current terms, until April 2025 and that it would consult on reforms to the scheme. This consultation paper will be seeking views from stakeholders on how the scheme could be reformed and simplified to ensure it: has longevity as a key savings product for working people on low incomes; encourages take-up in the target group; and provides the best value for taxpayers.