New tool helps savers get a 50% government boost to their savings
皇冠体育app new Help to Save tool in the HMRC app lets savers set goals and personal reminders.
Over 80,000 people have signed up to the government鈥檚 new saving account 鈥� Help to Save 鈥� depositing over 拢10 million.
A new tool in the HMRC app is available which lets savers set their own savings goals and personal reminders, to keep on track and maximise bonuses.
皇冠体育app account offers working people on lower incomes a 50% bonus, with Help to Save rewarding savers with an extra 50p for every 拢1 saved. Over a 4 year period a maximum saving of 拢2,400 would result in an overall bonus of 拢1,200.
Help to Save is easy to use, flexible and secure, and will help those on lower incomes build up a 鈥榬ainy day鈥� fund, and encourage savings behaviours and habits. How much is saved and when is up to the account holder, and they don鈥檛 need to pay in every month to get a bonus.
John Glen, Economic Secretary to the Treasury said:
皇冠体育app new year is a good time to start getting into the habit of saving, and with Help to Save you鈥檒l get a massive 50% boost from the government.
Whether you are saving for a family break, putting money away for a rainy day, or even saving for next Christmas, Help to Save is designed to make saving as simple as possible. And with the new version of the app, which can be personalised to help you make the most of your bonus, it鈥檚 easier than ever.
Help to Save is available to working people on Tax Credits and Universal Credit.
Account holders can save between 拢1 and 拢50 every calendar month and accounts last for 4 years from the date the account is opened. After 2 years, savers get a 50% tax-free bonus on the highest balance they鈥檝e achieved. If they continue saving they could receive another 50% tax-free bonus after a further 2 years.
On maximum savings of 拢2,400 over 4 years, the overall bonus would be 拢1,200. To check eligibility, get more information, and apply savers can visit the Help to Save page or use the HMRC app.