Number of Help to Save accounts increased by almost 50% - HMRC

The figures showed more than 41,000 accounts were opened in the five-month period earlier this year, taking the total number to more than 132,000.

HMRC said around 100,000 individuals have now made a deposit to their account with the average deposit per person per month remaining at £47 - just £3 under the maximum a deposit can be. However, there were still almost 32,000 accounts that are yet to have received a deposit whatsoever.

In addition, the total deposits made into the scheme in the six-month period exceeded £18m, a 36% increase on the first thirteen months of the scheme.

AJ Bell personal finance analyst Laura Suter said the scheme was championed by the government as a way to help low-paid people to put money away but has "suffered from a lack of publicity and government backing".

She added: "Then-chancellor George Osborne hailed it as a way to improve the lives of the poorest in society, but subsequent delays to its launch and changing governments mean it has been forgotten."

 

• Tweet  
• Facebook  
• LinkedIn  
• Send to  

• Topics
• Investment
• HMRC
• Aj Bell
• Laura Suter
• Help to Save