The governments’ Help to Save scheme for those on low incomes, has been extended until April 2025. The scheme offers a bonus of 50p for every £1 saved. Savers can deposit between £1 and £50 per month and the scheme offers bonus payments worth up to £1,200 over four years.
To be eligible, individuals need to be receiving:
- Working Tax Credit
- Child Tax Credit and be entitled to Working Tax Credit
- Universal Credit and (with their partner if it is a joint claim) take-home pay of £722.45 or more in their last monthly assessment period.
Individuals get help with savings if they’re on a low income on GOV.UK or through the HMRC app.