A new saving scheme has been set up which gives people on low incomes a 50% bonus on their savings.
The Government's 'Help to Save' scheme has been designed to help working people on tax credits and Universal Credit build their savings.
The scheme supports people to become regular savers, helping families and individuals prepare and plan for the future with a generous 50% tax-free bonus.
The accounts are simple to open, flexible, and run for four years. Savers can pay in from £1 to £50 each calendar month.. Customers making the maximum deposit of £2,400 over four years without making withdrawals will receive bonuses of £1,200.
Savers are able to withdraw money at any time, although this will affect their overall bonus figure.
Some benefits of the 'Help to Save' scheme are:
- Get a 50% bonus on savings
- Opening an account is simple, visit gov.uk/helptosave
- Paying in is easy- setup a standing order, or make one-off payments
- Doesn't affect tax credits or Universal Credit
- Government backed