While you have to jump through a few hoops to get hold of this money, it is well worth the effort. You could end up with as much as £3,600 in your bank account as a result, giving you an emergency post of “rainy day” money.
The Government is keen to help those on low incomes build up their financial resilience, said Anna Bowes, founder of savings tracker service SavingsChampion.co.uk. “Everybody needs a cash safety net, and this under-used Government scheme can help you get it.”
Money in the bank is a real comfort, especially if you have an emergency bill, say, for car repairs or a new boiler.
Financial advisers say you should put enough aside to cover at least three months of spending in case of illness, redundancy or other problems.
In practice this isn’t easy, especially as the cost of living crisis rages out of control, but the Government is lending a helping hand.
The scheme is called Help to Save and is designed to help people on low incomes build up their savings, by giving them a cash bonus as an incentive, Sarah Coles, personal finance analyst at Hargreaves Lansdown,…
