An additional three million people could potentially benefit from the extension of a unique UK Government savings scheme designed to help those on a low income after HM Revenue and Customs (HMRC) recently announced that the Help to Save scheme, which was due to end this September, has been extended to April 2025.
Help to Save offers an unbeatable 50 per cent bonus payment worth up to £1,200 over four years (up to £300 for each year). Since its launch in September 2018, more than 359,200 people on Universal Credit and Tax Credits have opened a savings account.
Under the scheme, savers can deposit between £1 and £50 a month into their account and will receive a UK Government bonus in the second and fourth years - even if money has been withdrawn. Someone saving £2,400 - the maximum amount they could deposit over four years - would receive a £1,200 bonus paid directly into their bank account.
