MORE than 8,000 people in the West Midlands have already signed up to a Government scheme which enables them to earn 50p for every £1 saved.
Help to Save was launched in September to give a helping hand to working people on Tax Credits and Universal Credit, enabling them to put some cash away.
In total £920,000 has been deposited across the region as part of the scheme which is aimed at those who previously did not have enough cash to place into a savings account.
Account holders can save between £1 and £50 every calendar month and accounts last from four years from the date the account is opened.
If participants stay with the scheme for two years, they get a 50 per cent tax-free bonus on the highest balance they achieved. The maximum amount they can save is £2,400 which would deliver a £1,200 bonus.
They can receive another one two more years down the line.
Visit gov.uk/helptosave or use the HMRC app to find out more.
