Saving for a rainy day

Saving for a rainy day

 

People who set a money savings goal not only save faster, they achieve their goals quicker than those who don’t! So, if you really want to get that deposit for a home, or save enough for a dream holiday, name your goal, work out how much you can save each month and get started. Comparison websites are a great starting point for anyone trying to find a savings account tailored to their needs.

 

We recommend the following websites for comparing savings accounts:

www.moneysavingexpert.com
www.moneysupermarket.com
www.which.co.uk/money/savings-and-isas/compare-savings

You may even be eligible for a new government run savings scheme designed to help working people on low incomes build up their savings.

Help to Save is a digital savings account designed to encourage working individuals and households on low incomes to save regularly. The accounts are secure, simple to use and flexible.

Help to Save allows working customers who meet the eligibility criteria to a bonus of 50p for every £1 saved over a four-year period.

You can pay £1 to £50 in from each calendar month. If you save £2,400 over four years without making withdrawals, you’ll receive a government tax-free bonus of £1,200!

 

Who is eligible for Help to Save?

To be eligible for Help to Save, customers must be a UK resident and:

• Be receiving Working Tax Credit.
• Have a nil award of Working Tax Credit but receiving Child Tax Credit.
• Be in receipt of Universal Credit with minimum individual or household earnings equivalent to 16 hours times the National Living Wage in their last income assessment period (that’s £542.88 during the financial year 2018-19).

If customers have a joint Universal Credit or tax credits award, both partners can open an account.

 

Where can customers apply?

Customers can open an account online at www.gov.uk/get-help-savings-low-income. Alternatively, customers can use the HMRC app, available for iOS and Android.