MILLIONS of people on Universal Credit and other benefits are still missing out on a bonus worth up to £1,200 from the Help to Save scheme. As part of Help to Save , you get 50p for every £1 you set aside into a special account, up to a maximum bonus of £1,200 over four years. To get the maximum bonus, you would need to save £2,400 over the four years. Around 264,800 people have opened a Help to Save account since its launch in September 2018 , according to new figures released by the government today. It means millions of people are still missing out on opening an account and cashing in on the tax-free bonuses. When the Help to Save scheme first opened, more than 3.5million people were estimated to be eligible for an account. Best savings accounts for your cash right now HELP to Save offers a higher effective rate of interest than what you’d earn with a regular savings account or bank account. For example, the top easy-access savings accounts right now are offering rates of 0.50% AER, according to Money Facts. This means for £1,000 invested for 12 months at an interest rate of 0.50%… Read full this story
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Millions on Universal Credit still missing out on Help to Save £1,200 bonus have 327 words, post on www.thesun.co.uk at February 26, 2021. This is cached page on Europe Breaking News. If you want remove this page, please contact us.