Help to save

The government is making it easier for working people on lower incomes to save up for a rainy day by giving them a 50p bonus for every £1 they save.

Key facts:

  • The ‘Help to Save’ account is available online to working people on Tax Credits and Universal Credit and can be managed on an easy to use app which lets savers set goals and personal reminders. 
  • Over 80,000 people have signed up so far, helping those on low incomes put money aside for the future. 
  • If someone saved a maximum £2,400 over a 4 year period, they would receive a bonus of £1,200 – a massive 50 per cent boost from the government. 

Why this matters:

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.

Comments

Anonymous said…
If they can put £2,400 away for a rainy day should they really be given Tax Credits or Universal Credit? What a bonkers world we live in
4:05 pm
Chris Whiteside said…
It has always been relatively easy for rich people and middle-class people to access tax-efficient ways to save.

The purpose of "Help to save" is to give the same opportunity to working people on lower incomes which the more affluent have always had.
7:51 pm
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