Account offers working people on low incomes a 50% bonus
Over 132,000 people have signed up to the government-backed savings account Help to Save, depositing more than £31.4 million.
The account offers working people on low incomes a 50% bonus on what they save. Rewarding them with 50p for every £1 they put away. Over four years, a maximum bonus of £1,200 is available on savings of up to £2,400.
Statistics published on 30 August show that those using help to save accounts are already eligible for bonuses totalling around £14 million. The accounts make saving affordable, achievable and worthwhile. Some participants now see themselves as ‘savers’ rather than ‘spenders’.
The Economic Secretary to the Treasury, John Glen, said:
“Saving shouldn’t be seen as a luxury but as an essential part of planning for the future.
“That’s why I launched the Help to Save scheme last year, and it’s been great to see so many people using it to put money aside for themselves and their loved ones.
“Around 3.5 million people could benefit from the scheme, so if you’re eligible but haven’t yet opened an account, you should take a look. Saving comes with a 50% government bonus and even a small amount could help you to be more prepared for the future.”