Nottingham City Council is encouraging residents in Nottingham to check their eligibility for a Government ‘Help to Save’ scheme, which aims to help people to build savings and improve their financial resilience, as part of a wider effort to make Nottingham City residents aware of the support and resources available to them to take advantage of through the Crisis and Resilience Fund (CRF).
The Help to Save scheme has been designed to help eligible people on lower incomes build up savings over time to safeguard against unexpected costs – and in the process reward them for doing so.
- You can save between £1 and £50 each calendar month. You do not have to pay money in every month.
- You can pay money into your Help to Save account by debit card, standing order or bank transfer.
- You can pay in as many times as you like, but the most you can pay in each calendar month is £50.
- You can only withdraw money from your Help to Save account to your bank account.
- A 50% Government bonus is added to savings based on the highest balance saved after two years, then again after four years.
To be eligible you need to be receiving Universal Credit with a take-home pay of £1 or more in your last monthly assessment period. You can keep using your Help to Save account even if you stop claiming benefits.
The scheme complements the support that is already available through the CRF, which is about much more than providing emergency support but also helping residents improve their long-term financial resilience through things such as the Benefits Checker, Council Tax Support, housing support, energy advice and more.
Councillor Neghat Khan, Leader of Nottingham City Council, said: “Help to Save is a fantastic scheme which I hope as many eligible Nottingham City residents will take advantage of as possible.
“By opening up an account and building savings through this scheme, eligible residents can strengthen their financial resilience while benefiting the Government scheme. Alongside the support available through the Crisis and Resilience Fund, Help to Save is another valuable way people can plan ahead, build savings and be better prepared for unexpected costs.
“At a time when we are facing all kinds of financial pressures, I would encourage those eligible to check their eligibility for this and for any other support which is available through the Crisis and Resilience Fund, which you will be able to find on the Nottingham City Council website.”
Find more help and information on both CRF and Help to Save at: www.nottinghamcity.gov.uk/CRF