What is the maximum monthly deposit for a Help-to-Save account under section 10?

The standard maximum monthly deposit into a Help-to-Save account is £50. However, the Treasury has the power to change this figure through regulations, including reducing it to nil. Only the account holder's own deposits count towards this limit; interest, provider payments, and government bonuses are excluded from the calculation.

Are interest and government bonuses included when calculating the monthly deposit limit?

No. Interest credited to the account, any other payments made by the account provider under the account terms, and government bonus payments are all excluded when determining whether the monthly deposit limit has been reached. Only the account holder's own deposits are relevant to the £50 cap.

What is the difference between gross and net deposit calculations for Help-to-Save accounts?

Under a gross basis, total deposits in the month are counted without deducting withdrawals. Under a net basis, withdrawals are subtracted from deposits before comparing against the £50 limit. The Treasury specifies through regulations which method applies. Interest, provider payments, and bonuses remain excluded under either method.

Can the Treasury impose additional requirements on Help-to-Save accounts beyond the deposit limit?

Yes. Section 10 grants the Treasury power to impose further conditions through regulations that an account must satisfy to qualify as a Help-to-Save account. These regulations may also set out provisions for determining how compliance with those additional requirements is assessed and measured.

Savings (Government Contributions) Act 2017 section 10

Monthly deposit limits for Help-to-Save accounts

Section 10 sets out the maximum amount that can be paid into a Help-to-Save account each month, and provides for the Treasury to impose additional requirements on these accounts through regulations.

Monthly deposits into a Help-to-Save account must not exceed £50, although the Treasury can change this limit (including reducing it to nil) by regulations.
Interest, other sums paid by the account provider, and government bonuses are excluded when calculating whether the monthly limit has been exceeded.
Treasury regulations may specify whether the £50 limit applies to the gross amount deposited in a month (ignoring any withdrawals) or the net amount after withdrawals are taken into account.
The Treasury may impose additional requirements through regulations for an account to qualify as a Help-to-Save account, including rules about how compliance with those requirements is assessed.

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