Jeremy is supporting the ‘Help to Save’ scheme which will provide working families on low incomes with the means necessary to begin saving successfully.
Research has indicated that around 4 in 10 working age people in the UK lack a savings buffer, with less than £100 available to them at any time, and one quarter of households have total financial assets that are less then £1000.
Help to Save offers a tax-free Government bonus of 50p for every £1 saved. Savers can pay in from £1 to £50 each calendar month. The maximum deposit over a four year period is £2,400, which will mean a Government bonus of up to £1,200. Bonuses are paid after 2 and 4 years.
Accounts are available to individuals and households eligible for working tax credits and receiving tax credits payments, or claiming Universal Credit with earnings of at least £542.88 in their last monthly assessment period.
For more information and to apply go to www.gov.uk/helptosave. A phone service is available Monday to Friday between 10am-6pm on 0300 322 7093 for those unable to access online services.
Help to Save accounts will be available for 5 years up to September 2023.
Commenting, Jeremy said: “Many people, particularly those on low incomes, would like to save but often feel that there are barriers that prevent them from doing so. Help to Save is designed to specifically support those on low incomes, helping families and individuals plan and prepare for the future”.