Help to Save Reform
Read the full outcome
Detail of outcome
In April 2023, the previous government consulted on reforming and simplifying the Help to Save scheme. Views were sought from stakeholders on the effectiveness of Help to Save as a key savings product for low-income working people, encouraging uptake within the target group, and providing the best value for taxpayers.
Feedback from the consultation and additional stakeholder engagement has been carefully considered and the government has developed a framework for a reformed scheme design.
This publication contains a consultation which will inform the final approach to delivering the reformed scheme. The consultation invites views from financial institutions, including banks, building societies and credit unions, to understand interest in delivering the reformed Help to Save scheme.
Original consultation
Consultation description
The Help to Save scheme offers working people on low incomes in receipt of certain benefits 4-year savings accounts with a 50% government bonus where they can save a maximum of £50 a month. At Spring Budget the government announced that the Help to Save scheme (originally due to close to new accounts in September 2023) will be extended by 18-months, on its current terms, until April 2025 and that it would consult on reforms to the scheme. This consultation paper will be seeking views from stakeholders on how the scheme could be reformed and simplified to ensure it: has longevity as a key savings product for working people on low incomes; encourages take-up in the target group; and provides the best value for taxpayers.
Documents
Updates to this page
Last updated 30 October 2024 + show all updates
-
Updated with consultation outcome.
-
First published.