MORE than 6,000 people in the south west have signed up to the government's new saving account scheme.
The Help to Save scheme was designed to help those on lower incomes, including working people on tax credits and Universal Credit.,build up a rainy day fund, and encourage savings behaviours and habits.
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.
The account offers working people on lower incomes a 50 per cent bonus, with Help to Save rewarding savers with an extra 50p for every pound saved. Over a four year period, a maximum saving of £2,400 would result in an overall bonus of £1,200.
John Glen, Economic Secretary to the Treasury 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 per cent boost from the government."
A new tool in the HMRC app also lets savers set their own savings goals and personal reminders to keep on track and maximise bonuses.
For more information, visit gov.uk/helptosave or use the HMRC app.
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