Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an estimate of the proportion of people with a Help to Save account who pay in every month.

The number of Help to Save accounts opened each month up to the end of March 2022 are published in the Annual Savings Statistics: https://www.gov.uk/government/statistics/annual-savings-statistics-2022. The relevant information can be found in tab 2 of the document “Help to Save tables: June 2022”. This information will be updated in the next edition of the Annual Savings Statistics, due to be published in June 2023.

We cannot provide an estimate of the proportion of people who pay into their Help to Save account each month. This would exceed the cost limit due to data matching and cleansing.

We cannot provide an estimate of the number or proportion of individuals who have made consecutive payments into their Help to Save accounts over a period of six months. This would exceed the cost limit due to data matching and cleansing.

As of end of December 2022, based on closed accounts, the average length of time a Help to Save account remained open was 3 years and 11 months.

As of end of December 2022:

1. 257,000 accounts have remained open for at least two years,
2. 81,000 accounts have remained open for the maximum of four years.

As of end of December 2022, to the nearest £5:

1. The average bonus at the end of the second year was £395, out of a maximum £600,
2. The average bonus at the end of the fourth year was £450 out of a maximum £600.
3. Please note that because bonuses are only paid out for those who save, not all accounts received a bonus. We have excluded accounts that did not receive a bonus from our calculated average bonuses.

We cannot provide an estimate of the average length of time between Help to Save account holders’ first and second payments. This would exceed the cost limit due to data matching and cleansing.