Savings (Government Contributions) Act 2017 section Schedule 2 para 3

Definition of a Help-to-Save account

Section Schedule 2, paragraph 3 sets out what qualifies as a Help-to-Save account, how long such an account lasts, and when it ceases to hold that status.

• A Help-to-Save account must be a money savings account held by a single eligible individual, provided by an authorised account provider, and opened in accordance with the prescribed requirements.
• The account holder must be an eligible person on both the date the application is made and the date the application is accepted (the "eligibility reference dates").
• The standard maturity period is 48 calendar months from the month the account is opened, though the Treasury may specify a different period by regulations; if the account holder becomes terminally ill or dies before the end of that period, the maturity period ends at that earlier point.
• The account ceases to be a Help-to-Save account at the end of the maturity period, or earlier if the required account features are no longer met; the Treasury may also make regulations allowing certain accounts to be treated as Help-to-Save accounts.