Low-income earners will be pleased to learn that the government savings scheme ‘Help to Save’ has been extended to April 2025.
Offering a 50% bonus payment worth up to £1,200 over four years, more than 359,200 people have opened a Help to Save account since its launch in September 2018, and according to HMRC, an additional 3 million individuals could still benefit from the savings scheme as a result of the extension.
Designed for low-income earners, savers can deposit between £1 and £50 a month into their account and will receive a government bonus– even if money has been withdrawn.
Savers will earn a 50 pence bonus for every £1 saved and the bonus payments are paid in the second and fourth years.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said, “Help to Save can encourage positive saving habits – no matter what you can afford to save – and the 50% government bonus payment can help savers when they need it most.
“It is quick and easy to apply online or via the HMRC app, just search ‘help to save’ on GOV.UK to find out more.”
Andrew Griffith, Economic Secretary to the Treasury, added, “Millions of people could benefit from a boost to their savings through Help to Save and thanks to our Spring Budget reforms the scheme has been extended until 2025.
“Whatever amount you can save will trigger a top up from the Government, so take advantage and apply today.”
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