Eighty thousand low-income people pocket £ 1,200 bonus in new government savings program

Eighty thousand people have subscribed to a new government savings program, which could bring them a bonus of £ 1,200.

Low-income workers have deposited more than £ 10 million as they accumulate their money.

Getty – Contributor

HMRC has launched a new application tool that allows investors to set goals and personal reminders to maximize bonuses.

The account offers a 50% bonus – giving savers an extra 50p for every £ 1 saved. This means that over four years, a maximum saving of £ 2,400 would generate a bonus of £ 1,200.

Account holders are allowed to save between £ 1 and £ 50 per month with four-year accounts.

The non-taxable bonus is rewarded after two years on the highest balance reached. The second bonus comes after two years.

Treasury Minister John Glen said, "The New Year is a good time to start making the habit of saving, and with Aid to Save, you will receive mbadive support from 50% of the government.

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