People should be aware having a Help to Save account could affect their eligibility for some benefits and how much they receive.
For Universal Credit claimants, if the claimant or their partner have savings of £6,000 or less in personal savings their claim will not be affected. This includes their savings in the Help to Save account.
A person’s Help to Save bonuses will not affect their Universal Credit payments. Savings and bonuses from the account will also not affect how much Working Tax Credit a person receives.
For those on Housing Benefit, if a claimant or their partner have £6,000 or less in personal savings, their Housing Benefit claim will not be affected. This includes a person’s Help to Save savings. A person’s Help to Save bonuses will not affect their Housing Benefit payments.