A government scheme which encourages people to save and offers an extra £1,200 payment for free has been extended. HM Revenue and Customs (HMRC) has said that the Help to Save scheme will now go on until April 2025. It had been due to end in September 2023
It is estimated that an extra three million people could sign up to it, with more than 350,000 already having benefited. It is aimed at low income earners and helps them to put some money away which is then boosted by the government.
Savers can deposit between £1 and £50 a month into their account and will receive a government bonus– even if money has been withdrawn. Savers will earn a 50 pence bonus for every £1 saved and the bonus payments are paid in the second and fourth years.
