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."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel