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Help-to-save scheme postponed

The government help-to-save scheme, which was due to be ready on 6 April 2018 has now be postponed and will not be in operation until October 2018. The scheme will be available to individuals who receive  tax credits or Universal Credits, and whose household brings in earnings at least 16 hours at the national minimum wage.

If you qualify for a savings account you will be entitled to open a help-to-save account with National Savings. It can run for up to four years and tax-free bonuses are paid after two years and four years. The first bonus isn’t paid if the account is closed in the first two years, and the second not paid if the account is closed between two years and the maturity date.

The maximum investment allowed is £15 per month and the government bonus is equal to 50% of the highest balance reached in each bonus period. The maximum bonus for each investor over the four years is therefore £1,200.

06 Jun 2018

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