Help To Save is a government backed scheme where you get 50p for every £1 you save. This is much better than any savings-account interest-rate and a fantastic savings option for those hit hard by the Coronavirus.
Key points about this scheme are:
The bonus is calculated at the highest point your money reaches: E.g if you once had £100 in your account (but then removed it), you would be paid £50
Max you can save per month is £50
You can take out money at any point and put in money whenever you want
Your GOV bonus gets paid in year 2 and 4
To be eligible for this scheme, you must be:
Receiving Working Tax Credit
Entitled to Working Tax Credit and receiving Child Tax Credit
Claiming Universal Credit and your household earned £604.56 or more from paid work in your last monthly assessment period
To apply for the scheme, click here.