The new government backed Help to Save scheme, offering up to £1,200 tax free bonuses to low income savers, is to be delayed and will now open to eligible persons from 15 October 2018.
Eligible persons who save £50 per month in a new NS&I government backed account, will be entitled to receive two bonuses over a four year period.
The 50% bonuses will pay out after two years and on maturity after four years. This means that the bonuses could total as much as £1,200 over the four year period.
It has now been confirmed that a trial period will run until 15 October 2018, at which point the scheme will open to all eligible persons.
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