HM Revenue and Customs (HMRC) show that more than 264,000 people have opened a UK Government-backed account designed to help those on low incomes.Total deposits into the Help to Save scheme during the six months from August 2020 to January 2021 exceeded £40 million.This was the highest recorded amount saved in a six-month period since the scheme started in September 2018.The scheme allows certain people entitled to Working Tax Credit or claiming Universal Credit to receive a bonus of 50p for every £1 they save over four years.The 50 per cent bonus is payable at the end of the second and fourth year and is based on how much account holders have saved.Account holders can save up to £50 a month.
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