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Thousands of Scots on benefits receive £367 Christmas savings bonus
The Help to Save account allows you to put in between £1 and £50 a month for up to four years.
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Over 60,000 households in the UK are owed £400 this Christmas - check if you re eligible
Your household could be owed hundreds from HMRC
Emma Munbodh
Updated
Over 60,000 households in the UK are owed £400 this Christmas - check if you re eligible (Image: (c) Tony Hutchings)
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And because the account is backed by the government, all savings in the scheme are secure.
At a time where many people will be looking for additional funds, savers will be delighted to note that Help to Save bonuses are now being paid.
Over 60,000 Britons should have now received the first bonus payment from their Help to Save accounts, after first beginning to put away funds two years ago.
Universal Credit UK: Help to Save claimants receive bonus payment in time for Christmas (Image: Getty)
Under Help to Save, people get two tax-free bonuses over four years - one after two years, and the second as the final bonus.
Savers receive Help to Save bonus payment
More than 60,400 savers across the UK have earned their first Help to Save bonus payment, each receiving an average of £378 in time for Christmas, HMRC can reveal.
From:
18 December 2020
Help to Save is the UK government backed saving scheme. It was launched in September 2018 to help those eligible save up to £50 a month in a secure savings account.
For every £1 saved, people can earn a bonus of 50 pence, over four years. The 50% bonus is payable at the end of the second and fourth years and is based on how much account holders have saved.