No matter how much money you are able to save, or how often, if you are on a low income you can take advantage of the new Government-backed saving plan that will give you 50p for every £1 saved.
So, over four years a maximum saving of £2,400 would give you an overall, tax-free, bonus of £1,200. That means that you would get £1,200 if you saved 50p a month for four years.
Help to Save is easy to use, flexible and secure, will help those on low incomes build up a ‘rainy day’ fund, and encourage savings behaviours and habits. How much is saved and when is up to you, the account holder, and you don’t need to pay in every month to get a bonus.
Help to Save is available to working people on Tax Credits and Universal Credit.
You can save between £1 and £50 every calendar month and accounts last for four years from the date the account is opened. After two years, savers get a 50% tax-free bonus on savings. If saving continues there is another 50% tax-free bonus after four years.
On maximum savings of £2,400 over four years, the overall bonus would be £1,200.
To apply, savers can visit www.gov.uk/helptosavelocal or use the HMRC app.
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