Help To Save Scheme (Individual Savings Account, ISA) UK
In the recent budget announced in United Kingdom, the Government has announced a scheme named Help to Save for those citizens who do not have a steady source of income and are not financially stable. This Help to Save scheme is dedicated to provide financial support to the low income groups throughout the United Kingdom.
What the Govt. will provide for making savings?
The British Govt. in its annual budget session has declared that it wants its citizens, especially those who belong to low income groups or those who do not have a fixed source of monthly income, to save a little bit of their earning. Then the Govt. will add some extra incentives to their savings and thus they will finally have some economic security. As per the Help to Save policy, the British Govt. has announced a incentive of up to 1,200 Euros to those citizens who will make savings from their income.
Time period of the Help to Save scheme
The Cameroon Govt. has come up with this Help to Save scheme for low income citizens in the United States and has decided to keep the time period of the scheme to four years. Earlier, there was another scheme which was not that beneficial as its time period was only two years.
Few important data of the Help to Save scheme
|Sl. No.||Help To Save Scheme fields||Related Information|
|1||Launch Time||Annual Budget 2016|
|2||Maximum incentive amount received by the UK Govt.||1,200 Euros|
|3||Time period of the scheme||4 years|
|4||No. of beneficiaries estimated by the UK Govt.||3.5 million|
|6||Maximum amount to be saved under the scheme||3,600 Euros|
|7||Date of effect of the Help to save scheme||April 2018|
|9||Mode of incentive payment||Through Savings bank accounts|
Brief analysis of the Help to save scheme
As per the Help to save scheme, the Govt. will put extra money in the pots of those people who belong to low income groups and will make a minimum savings every month. The UK Govt. has identified around 3.5 million citizens who will be brought under the scheme. At first, the scheme will continue up for two years. Citizens can save up to 50 Euros per month in their savings accounts. Thus, after two years, when the amount reaches 600 Euros, the govt. will provide another 600 Euros to that. This can be continued for next two years, thus making the maximum incentive 1,200 Euros.