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<p>The government launched a consultation on reforming the Help to Save scheme on
27 April 2023. The consultation seeks 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. The consultation can be found on gov.uk here: <a href="https://www.gov.uk/government/consultations/help-to-save-reform"
target="_blank">https://www.gov.uk/government/consultations/help-to-save-reform</a>.</p><p>
</p><p>At present, Help to Save account holders can save a maximum of £50 a month
and earn two tax-free bonuses over four years. After the first two years, the saver
receives a bonus of 50% of the highest balance in their Help to Save account at any
point in years one and two. After four years, they will get a further bonus of 50%
of the difference between the highest balance saved in the first two years and the
highest balance saved in the last two years.</p>
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