The quantity they get is 50 % of the very best steadiness they’ve saved.
Then, after 4 years, individuals who have continued to avoid wasting will get a closing bonus.
This second cost is 50 % of the distinction between two quantities:
- The very best steadiness saved within the first two years (years one and two)
- The very best steadiness saved within the final two years (years three and 4).
If the very best steadiness does not enhance although, then the saver will not earn the ultimate bonus.
As essentially the most that may be paid in every calendar month is £50, a most of £2,400 may be saved within the account over 4 years.
Which means that essentially the most an individual can earn in financial savings in 4 years is a £1,200 in tax-free bonus cash.
“Your bonus is paid into your bank account, not your Assist to Save account,” Gov.uk explains.