A NEW Government saving plan should benefit 441,022 people on low incomes in the North West.

The special scheme offers a 50 per cent bonus. for recipients of Working Tax Credit and Child Tax Credit payments or who claim Universal Credit with a household income of at least £542.88 a month.

The Help to Save plan will reward savers with an extra 50p for every £1 saved up to maximum over four years of £2,400, earning a bonus of £1,200.

The launch follows an eight-month trial in which 45,000 savers deposited more than £3million.

John Glen MP, Economic Secretary to the Treasury said: “Savings shouldn’t be a luxury, they are an essential part of planning for the future, but for some putting away even a tenner each month can be a tough habit to get into. Whether you’re saving up to take the family on a much-needed holiday, or to take the next step in life, Help to Save is designed to make saving possible for everyone."