Britain’s low-paid urged to sign up to savings scheme offering cash bonus
Summary
The UK government is encouraging low-income workers to join the Help to Save scheme, which offers free cash bonuses based on how much they save over four years. The program is currently for people receiving universal credit but will expand to include parents and carers in 2028.Key Facts
- Help to Save is a government-backed savings account for low earners.
- People can save up to £50 each month for four years, with a maximum total saving of £2,400.
- For every £1 saved, the government adds a 50p bonus, up to £1,200 total.
- Bonuses are paid at the end of the second and fourth years.
- The scheme is currently open to people on universal credit and will include parents and carers on universal credit from 2028.
- About 656,700 accounts have been opened since September 2018.
- Total savings made through the accounts amount to £676 million.
- Most savers (94%) deposit the maximum amount each month.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
