Thursday, 8 April 2010

Savings Gateway

From July 2010 the government is launching a new saving scheme to encourage more people to save.

"By time I pay the rent, gas, Alfie a new pair of trainers, I simply don't have enough money to save anything".

Savings Gateway aims to target families on low income (below £16,040), receiving tax credits or are obtaining any other types of benefits.

"That sounds like its going to be hard to set up...."

If you qualify for this scheme HMRC (HM Revenue and Customs) will automatically write to you.

But if you have dealt with them before, it is wise to perhaps contact them prior to the launch of this nationwide scheme if it is applicable to you.

"So what is the government actually going to do???"

As a saver you will only be allowed to save a maximum of £25 per month.

After 2 years the government will top up the Savings Gateway account with 50p for each £1 that you save.

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