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HMRC reveals 60,400 savers benefited from HTSBP scheme

HMRC has revealed that more than 60,400 savers across the UK have earned their first Help to Save bonus payment, each receiving an average of £378 ahead of Christmas.

HMRC launched the scheme in September 2018 to help those eligible save up to £50 a month in a secure savings account.

The scheme revealed that for every £1 saved, people can earn a bonus of 50 pence, over four years, with the 50% bonus payable at the end of the second and fourth years.

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The government also revealed savers have received more than £22.8m in Help to Save bonuses, according to latest Management Information figures collected up to 6 December 2020.

The data from the figures showed that the north west has the highest number of savers who have paid into their accounts and received their first bonus payment (8,660) as well as savers in the south west who received the highest average bonus payment (£397), followed by savers in Greater London (£385).

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Once savers have received their bonus payment at the two-year stage, they can continue to use the secure savings account to receive the final bonus payment at the four-year point.

Karl Khan, interim director general for customer services at HMRC, said: “Help to Save rewards regular savers and the bonus payments can make a big difference to individuals and families. We’ve tried to make it as easy as we can for people to check if they qualify.”

 

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