More than 80,000 people have signed up to Help to Save scheme

More than 80,000 people have now signed up to the Government’s new Help to Save accounts.

It helps those on lower incomes build a rainy day pot of cash, and so far over £10 million has been deposited.

A new tool in the HM Revenue and Customs (HMRC) app is also available which lets savers set their own savings goals and personal reminders, to keep on track and maximise bonuses.

The account offers working people on lower incomes a 50% bonus, with Help to Save rewarding savers with an extra 50p for every £1 saved.

Over a four-year period a maximum saving of £2,400 would result in an overall bonus of £1,200.

How much is saved, and when, is up to the account holder, and they do not need to pay in every month to get a bonus.

John Glen, Economic Secretary to the Treasury said: “The new year is a good time to start getting into the habit of saving, and with Help to Save you’ll get a massive 50% boost from the Government.

“Whether you are saving for a family break, putting money away for a rainy day, or even saving for next Christmas, Help to Save is designed to make saving as simple as possible.

“And with the new version of the app, which can be personalised to help you make the most of your bonus, it’s easier than ever.”

Help to Save is available to working people on tax credits and universal credit.

Account holders can save between £1 and £50 every calendar month and accounts last for four years from the date the account is opened.

After two years, savers receive a 50% tax-free bonus on the highest balance they have achieved.

If they continue saving they could receive another 50% tax-free bonus after a further two years.

To check eligibility and apply, savers can visit www.gov.uk/helptosave or use the HMRC app.

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