If so, there may be some good news for you! The Government has recently announced their new Help to Save scheme. People on low incomes can expect to benefit from the scheme, to help them further build up their savings.
If you receive Working Tax Credits or Universal credit with a household equivalent wage of £120 per week, then you could benefit. The scheme means that you could receive up to £1200 extra over a 4 year period.
The scheme works by giving savers a 50% bonus over a four-year period up to a certain amount. This is great for those who are only saving a small amount on a month to month basis. Unlike alternative schemes, this scheme still allows withdrawals to be made at any time, although this could impact the final payment made to the saver.
While full details of the scheme are not expected until early next year, this is extremely promising for those trying to build their savings.
For more information, please visit the D.E. Ball Ltd website.