Eighty thousand on low incomes to pocket £1,200 bonus in new government savings scheme
HMRC has launched a new tool on their app to help savers maximise their handout meaning users get 50p for every £1 deposited
EIGHTY thousand people have signed up to a new government savings scheme - that could net them a £1,200 bonus.
Workers on low incomes have deposited more than £10 million as they build up their rainy day pot of cash.
HMRC have now launched a new tool on their app that allows savers to set goals and give personal reminders to maximise bonuses.
The account offers a 50 per cent bonus - giving savers an extra 50p for every £1 saved. It means over four years a maximum saving of £2,400 would deliver a £1,200 bonus.
Account holders are allowed to save between £1 and £50 every month with accounts lasting four years.
The tax free bonus is rewarded after two years on the highest balance they achieve. The second bonus comes after a further two years.
Treasury Minister John Glen said: “The new year is a good time to start getting into the habit of saving, and with Help to Save you’ll get a massive 50% boost from the Government.
“Whether you are saving for a family break, putting money away for a rainy day, or even saving for next Christmas, Help to Save is designed to make saving as simple as possible.
“And with the new version of the app, which can be personalised to help you make the most of your bonus, it’s easier than ever.”
Help to Save is available to working people on tax credits and universal credit.
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