The Government-backed savings scheme, Help To Save, has got off to a fantastic start and I want to encourage more people in Thirsk and Malton to take advantage of it.
The scheme, which was set up a year ago, is aimed at supporting working people on tax credits and Universal Credit to build their savings. People can save between £1 and £50 every calendar month and accounts last for four years from the date the account is opened. Participants can choose how much to put in and are not required to contribute every month. After two years, there is a 50% tax-free bonus on the savings and a further 50% tax-free bonus after four years, if they continue to save. This means that savers can receive tax-free bonuses worth up to £1,200, to spend how they like.
The 50% Government bonus means it’s a great opportunity for working people on low incomes to become regular savers and transform their lives. On average, it takes less than 5 minutes to apply and, once verified, constituents can start saving straight away. The accounts make saving affordable, achievable and worthwhile and mean that people can put money a way for a rainy day. I really would like more people to benefit from this generous scheme.
Latest statistics show that over 132,000 people have deposited more than £31.4 million, meaning bonuses will total around £14 million.
For more details on how to apply : https://www.gov.uk/get-help-savings-low-income#about-help-to-save