Finance

Help to Save scheme: Could you save with the Help to Save scheme?

Will this account impact your benefits?

No, the Help to Save account will not impact your benefits payments at all.

However, if you have other savings then saving here could have an effect if it puts you over the Universal Credit or Council Tax reduction savings threshold of £6,000.

If you get Working Tax Credit or Child Tax Credit, the Help to Save bonus is not taxable so does not count as “other income” as normal savings interest would.

This means you should not see any effect on your benefits in the year the bonus is paid.



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