Written statement on Implementation of Help to Save Accounts

Stephen Barclay (Economic Secretary to the Treasury): The government is committed to supporting people at all income levels and all stages of life to save.

 

Help to Save is a government backed savings account to help working people on low incomes build up their savings. They will be able to pay in up to £50 a month and receive a 50% government bonus on their savings.

 

Subject to the approval of the House, Help to Save will begin with a trial in January 2018, rolling out in stages to increasing numbers and available to all those eligible from October 2018 at the latest.

 

Introducing it in this controlled way will allow HM Revenue and Customs to thoroughly test and develop it at every stage so that it provides the best customer experience possible, and a quality service for savers over the lifetime of the scheme.

 

From January, HM Revenue and Customs will start to invite Working Tax Credits customers into the trial, gradually increasing their numbers, with the expectation that Universal Credit customers will start to be invited in from April. Eligible customers will still have the full 5 years to register for Help to Save from the end of the trial, and the overall cost of the programme to government will be the same.

 

Today regulations will be laid in the Commons which will set out the detail of how Help to Save will operate. The draft regulations were subject to a consultation and a summary of the responses and changes made have today been published at https://www.gov.uk/government/consultations/draft-legislation-help-to-save-accounts