The government has extended a scheme that could boost savings by an extra £1,200 for low-income earners.
The Help to Save scheme, which offers a 50 per cent bonus payment worth up to £1,200 over a four-year period, will be extended to April 2025, according to HM Revenue and Customs (HMRC). The government department said more than 359,200 customers have already opened savings accounts since the scheme initially launched in September 2018.
Meanwhile, an additional 3 million people are believed to still be eligible to benefit from the saving scheme due to the extension. Savers can benefit from the scheme by depositing between £1 and £50 a month into their account which will result in a bonus from the government, even if the money is later withdrawn.
