The Government have confirmed that they are to pilot a new Savings Gateway scheme with Halifax aimed at low earners. This is yet another scheme to encourage people to save. It is not the wealthy that the government are concerned with it is the lower income end who do not save much if at all leaving them with with potential poverty problems in later life.
The Government are trying to encourage more to save so that there is less reliance on the State in future years.
Fantastic deal! The Savings Gateway pilot projects are to be in areas such as South East Manchester, East London and other pockets around the country. The scheme will start in August and for every £1 a person saves, the Government will add £1 up to a maximum of £25 per month with a ceiling of matching savings up to £1,000. That is a doubling of your money overnight. 100% growth!
You will be able to access the money that you have invested but not the money that the Government match - this will stay locked away until maturity.
For more on general savings visit Savings Adviser.com.