THE HELP TO SAVE SCHEME
The Somerset Guardian, 25th September 2019
Last year, the Government launched the Help to Save scheme for working people on low incomes, which was pioneered by the Treasury.
Help to Save is a Government-backed savings account and the 50% Government bonus provides an excellent opportunity for those in employment on low incomes to become regular savers. It normally takes less than five minutes to submit an application and once verified, constituents can start saving straight away.
According to the Treasury, latest statistics show that over 132,000 people have deposited more than £31.4 million, which means that bonuses will total around £14 million. The accounts make saving affordable, achievable and worthwhile with participants able to view themselves as savers rather than spenders.
There are still many people who could benefit from this scheme who are eligible and applying is easy, just go to gov.uk/helptosave or through the HMRC app. To set up your account you will need your National Insurance Number, bank account details (the bonus and any withdrawals will be paid into this account) and a Government Gateway account. If you do not already have a Government Gateway account you will be able to create one as part of your application.
This is a worthwhile plan that, as it is a Government-led initiative, is secure and one that I would encourage constituents to take advantage of. If you need any assistance with or further information about the Help to Save scheme please do not hesitate to call my office: 0207 219 7118 or email me at: email@example.com.