Savers can earn 50p for every £1 they save with Help to Save scheme

Posted by
editor@newrytimes.com
Wednesday, April 1st, 2020
Community

Around 5000 people in Northern Ireland have signed up to the government’s Help to Save saving scheme – depositing more than £1m, Her Majesty’s Revenue and Customs (HMRC) revealed.

Help to Save offers working people on low incomes a 50% bonus, rewarding savers with 50p for every £1 saved.

 

 

Over four years, a maximum bonus of £1,200 is available on savings of up to £2,400.

The scheme helps those on lower incomes build up a ‘rainy day’ fund and encourages a long-term savings habit.

How much is saved and when is up to the account holder, and they don’t need to pay in every month to get a bonus.

John Glen, Economic Secretary to the Treasury said, “Putting aside some money every month, even if it is only a small amount, can make the world of difference. And with Help to Save, we’ll help you make that money go even further.

 

 

“It’s great to see so many people getting a 50 percent boost on their savings. I’d urge anyone eligible to sign up to this scheme, which is flexible, secure and easy to use,” he added.

Stephanie Newton from Sunderland, who is using the Help to Save scheme, said, “I decided to join because it was an excellent opportunity and incentive.

“It was extremely easy to sign up and I now know that saving a small amount each month is achievable, and know it is important to have savings put aside in case of any unexpected costs.

 

 

“I have already recommended the scheme to friends and family,” she added.

Help to Save is available to working people on tax credits, or Universal Credit with a minimum earned income equivalent to 16 hours per week at the National Living Wage in their last assessment period.

Account-holders 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 the highest balance they’ve achieved.

 

 

If they continue saving, they could receive another 50% tax-free bonus after a further two years.

To check eligibility, apply and get more information savers can visit www.gov.uk/helptosave or use the HMRC app.

Keep up to date with all the latest Northern Ireland Coronavirus / Covid-19 news HERE

 

Be Sociable, Share!
Both comments and pings are currently closed.

Comments are closed

-->

This website does not share personal information with third parties nor do we store any information about your visit other than to analyze and optimize your content and reading experience through the use of cookies. You can turn off the use of cookies at anytime by changing your specific browser settings.

We are not responsible for republished content from this blog on other blogs or websites without our permission. This privacy policy is subject to change without notice and was last updated on 16/01/2017. If you have any questions feel free to contact Newry Times by emailing editor@newrytimes.com

Log in