How much will I get in the Help to Save scheme?

How much you get depends on how much you put into your savings account across four years.

You can pay in any amount between £1 and £50 a month.

In total, you can receive up to £1,200 in two bonuses, one after the second year and another after the fourth year.

Bonus payment one:

After two years, HM Revenue and Customs (HMRC) will look back over years one and two to find your highest balance. They will then pay you 50% of that amount as a first bonus.

Example:

• Sadie pays £50 per month during the first year and £25 per month during the second year.  
• Her highest balance across years one and two is £900.
• She'll receive a bonus of £450 after year two.

Bonus payment two:

After four years, you will receive another bonus of 50% of the difference between the highest balance achieved during the first two years and the highest balance during the third and fourth years.

Example:

• Sadie's highest balance in years three and four is £1,750.
• Her highest balance in years one and two was £900. 
• The difference between these amounts is £850. 
• Her bonus after year four will be £425, which is 50% of that difference. 

Can I withdraw money? 

You can withdraw money at any time, but this may reduce the amount of bonus payment you receive.