The Chancellor announced that Saving Gateway accounts will be available from July 2010, and that Lloyds Banking Group, the Post Office and Royal Bank of Scotland Group, as well as a number of credit unions, intend to offer accounts during 2010.
Saving Gateway is a government supported two year cash saving account, aimed at working aged people with lower incomes. People entitled to certain benefits or tax credits who are ordinarily resident in the UK will be eligible to apply for an account. The defining characteristic of the Saving Gateway is that at account maturity, the Government will make a contribution of 50p for each £1 that has been saved in the account.
Once Saving Gateway accounts are available, HM Revenue & Customs will contact eligible people with details of how they can apply for an account. Further details can be found on the Directgov Website (Opens new window).
HMRC have published newsletters for financial institutions, intermediaries and other advice-giving bodies interested in the Saving Gateway. These newsletters set out further details on the Chancellor’s announcement, as well as contact details for those wishing to find out more.
The Chancellor also announced that the Government will explore, with stakeholders, options for widening access to matched savings accounts.
