The Saving Gateway

First accounts available to savers from 2010

Following the pilots in promoting saving and financial inclusion, the Saving Gateway will be introduced nationally, with the first accounts available to savers from2010.

The Saving Gateway is a cash saving scheme for those on lower incomes. Individuals in receipt of the following benefits and tax credits will be entitled to open an account in the national scheme: Working Tax Credits; Child Tax Credits paid at the maximum rate; Income Support; Jobseeker's Allowance; Incapacity Benefit; Employment and Support Allowance and Severe Disablement Allowance.

Saving Gateway accounts will be offered by financial institutions such as banks and building societies, and will run for two years. At the end of the accounts the government will match (make a contribution for each pound saved) money which people have saved into their accounts.

Third sector organisations such as credit unions, social housing providers and the Citizens Advice Bureau have expressed interest in providing information and support for savers in the scheme.

Levels and bases of, and reliefs from, taxation are subject to change.

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