Cash point

Low earners are being given a helping hand to build up a crucial savings’ safety net. The Government has launched Help to Save across the UK after an eight-month pilot scheme.

Over four years, people can deposit up to £50 a month and could receive up to £1,200 in tax-free bonuses.

Run by HM Revenue & Customs, those on various benefits, including Working Tax Credit and Child Tax Credit, will qualify.

After two years of saving, they will get a 50% bonus, based on the highest balance achieved.

Those who continue saving for a further two years get another 50% bonus on their additional savings.

John Glen, economic secretary to the Treasury, said: “Saving money for a rainy day while under pressure to pay your bills is tough if you’re not earning a lot of money.

“A decent savings’ product shouldn’t be something that only rich people can get. We’re doing this because we want to help people.”

To apply for a Help to Save account, visit gov.uk/helptosave or call 0300 3227093.