Help to Save for those on low incomes gives up to £1,200 bonus

Do I need to be in work to open a Help to Save account?

Not necessarily. If you claim tax/universal credit as a household, and you qualify as a household, then both of you will be able to open an account. 

You won’t be able to open a joint Help to Save account, it’s one per eligible person.

Will saving in this account have any effect on the benefits I receive?

On its own, no – if these are the only savings you have. 

If you’ve other savings, then saving here could have an effect if it puts you over the universal credit savings threshold of £6,000. Above this, you lose £4.35/month of universal credit for every £250 you’ve saved over £6,000 (savings of more than £16,000 disqualify you from receiving universal credit).

If you get working tax credit, the Help to Save bonus isn’t taxable so doesn’t count as ‘other income’ as normal savings interest would, which means you shouldn’t see any effect on your benefits in the year the bonus is paid.

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