Millions of people miss out on this simple savings scheme each year
For many people on low incomes, saving money for a rainy day can seem impossible when there is only a small amount left to put aside each month. However, there is a scheme from HMRC that millions of people on low pay and benefits miss out on every year that can boost the money in your account by up to £1200.
How the Help to Save scheme works Simply put, Help to Save is an account in which you can deposit up to £50 each month. After two years of saving, HMRC will calculate what the highest balance you reached in the account was in this period, and then give you half of that total as a bonus. For years three and four, the HMRC bonus is calculated by subtracting your highest balance in your first two years from the highest overall balance. If you saved £2400 by year four, they would subtract £1200 and half it, giving you another £600.
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