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Postponed from April, it will now start in October.
The help-to-save scheme will start in October 2018, six months after its original launch date. This is to give HMRC more time to test and develop it.
A trial will begin this month when HMRC will invite increasing numbers of working tax credit claimants to join the scheme. It will begin inviting universal credit claimants in April.
This government-backed initiative is intended to help people on low incomes to build up their savings. Over four years, regular savers can deposit up to £50 a month and could receive up to £1,200 in tax-free bonuses from the government.
Money paid into the account can be withdrawn at any time, but this could affect the size of the bonus payment. More information is on GOV.UK at here.
