Saving Gateway - get involved as a financial provider

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Saving Gateway - general

The Saving Gateway is a two year cash saving account that will be available to people who are entitled to certain benefits or tax credits. It is anticipated that the account will be offered from 2010 by banks, building societies and approved credit unions, and that accounts will also be available through the Post Office.

The defining characteristic of a Saving Gateway account is that when it matures, the Government will make a contribution of 50p for each £1 that has been saved.

Who can open a Saving Gateway account?

A person in receipt of one of the benefits or tax credits specified below will be able to apply for a Saving Gateway account:

  • Income Support
  • Jobseeker’s Allowance
  • Incapacity Benefit or Employment Support Allowance
  • Severe Disablement Allowance
  • Working Tax Credit and Child Tax Credit (with income below £16,040)
  • Carer’s Allowance.

Around eight million people are expected to be eligible to apply for an account when the scheme is launched with further people becoming eligible throughout the year.

What are the account rules?

During its two years of operation, the Saving Gateway account will, in most respects, operate in the same way as other instant access saving accounts, under terms and conditions agreed between the account holder and account provider. However, there are some requirements that are specific to the Saving Gateway. For example, no more than £25 per month can be deposited into an account.

Further details on account rules, features and processes

How to get involved if you're a financial institution

In order to be approved by HMRC as a Saving Gateway account provider, a UK financial institution must have permission under Part 4 of the Financial Services and Markets Act to carry on the regulated activity of accepting deposits. It must also be able to operate the Saving Gateway account rules and to make the required monthly electronic returns to HMRC.

If you meet the above requirements and are interested in applying for approval as a Saving Gateway account provider, you can express your interest to Anne Nicholson.

More detailed information for potential account providers

How to get involved if you’re a software provider

Technical specifications for the returns to HMRC can be found here. If you would like to receive further details or to attend vendor forums, please contact our Software Development Support Team.

Latest news

You can find out more about the latest Saving Gateway developments in the newsletters below.

Saving Gateway Newsletter – Issue 2 (PDF 220K)
Saving Gateway Newsletter – Issue 1 (PDF 331K)

Forthcoming event for Credit Unions

There will be a FREE workshop event on 12 November 2009 for all those credit unions who would like to find out more about the Saving Gateway.

The workshop will take place from 10:00 to 15:30 at Villa Park Conference Centre, Aston Villa Football Club, Birmingham. Lunch and refreshments will be provided. You can sign up for the workshop here.

Useful links

Find more detailed information about the Saving Gateway on the HM Treasury website