£1,200 to help save

UP to 3.5million workers could get a £1,200 boost from a new government savings scheme.

Those on low incomes will be able to gain a 50% bonus from Help To Save that rewards savers with an extra 50p for every £1 saved.

It will help those who get tax credits or Universal Credit build up a “rainy day” fund by paying into an online account.

Phil Andrew from the StepChange Debt Charity, commented: “Ninety-eight per cent of our clients have no savings at all at the point they turn to us, and only

1% have £1,000 or more. “Yet we know that having

£1,000 in rainy day savings virtually halves the risk of falling into problem debt.”

To find out whether you are eligible for the boost go to gov.uk/helptosave or call

0300 322 7093.