Four months ago the Government started to pilot their 'savings gateway scheme' through the Halifax. The idea of the scheme was to encourage low earners to save, with the Government matching contributions paid one for one. Free money, in essence.
Despite the attractiveness of the scheme, only 200 people have signed up, according to the Halifax. The Government disputed the figures, claiming that 250 have signed up. Although there was a maximum number of 1,500 people allowed to take up the scheme, the target of at least 1,000 in the next six months seems far off, which really is quite unbelievable.
A spokesperson for the Treasury said "we have got 250 people in the scheme and we believe that is very encouraging". A spokesperson for Halifax said, "it was always going to be slower at the start as people learn about the scheme".
Our view
This scheme is exceptionally good value for money, if you can get one.
Learn more about savings in the Savings Adviser.com.