THOUSANDS of people in the South West who have opened one of the Government supported Help to Save accounts have benefitted from their first bonus payment.
4,200 Help to Save account holders in the region have been paid an average bonus of £390 – the largest of all UK regions, says HMRC.
Across the UK, more than 47,000 account holders received an average first payment of £375, two years after opening an account, HM Revenue and Customs (HMRC) reveals.
The Help to Save account is available to anyone who claims Universal Credit or who receives Working Tax Credits or Child Tax Credits. You can save up to £50 a month in a secure account and for every £1, the Government will add 50 pence. The 50% bonus is payable at the end of the second and fourth year.
HMRC’s Director General for Customer Services, Karl Khan, said: “The government’s Help to Save scheme helps those on lower incomes, who put money aside each month, or as and when they can, and add it to their savings account, to earn a 50% bonus on what they invest.”
Statistics released last month reveal that more than 222,700 Help to Save accounts had been opened by July 2020.
In the South West, 19,950 accounts have been opened.