Latest news with #TheMoneyCharity
Finextra
27-05-2025
- Business
- Finextra
Zopa and ClearScore-led coalition complete cost of living mission goals
The 2025 Fintech Pledge ( has completed its campaign goal of driving 25 million actions that help UK consumers improve their financial resilience. 0 The achievement is more than double the campaign's original goal of 10 million actions and is equivalent to 50% of the UK adult population taking one action to strengthen their ability to withstand an economic shock. Through unprecedented cross-industry collaboration, the Pledge achieved this by connecting consumers to financial technology platforms that a) make SAVINGS work harder, b) improve CREDIT scores, c) manage and consolidate DEBT, d) lower BILLS and household outgoing costs, and e) unlock BENEFITS and financial aid. The campaign also launched Master My Money, a financial education platform that garnered over 6 million views on TikTok and drove 40,000 clicks to in-depth educational blog content. Supporting the campaign, The Money Charity delivered dozens of Pledge-funded workshops across the UK, helping frontline consumers double (2x) their confidence and skills in managing their finances. The campaign has also driven progress across several key areas of personal finance, including: 700,000+ high-yield savings accounts created (Savings pillar) £20 billion deposited in said accounts (Savings pillar) 53% of users improved their credit score (Credit pillar) 6 million consumers engaging in the Debt Awareness Week (Debt pillar) ~1 million consumers have been offered cheaper utility deals from alternative suppliers (Bills pillar) ~£1 billion in extra government support into people's pockets per year (Benefits pillar Jaidev Janardana, CEO of Zopa Bank, said: 'In less than three years, the Pledge has improved consumers' understanding of complex financial topics and enabled them to take simple actions to improve their financial situation. The pledge speaks to the core of Zopa's purpose - providing effortless and valuable products to UK customers. I am proud that so many organisations across the industry and beyond have shared in this journey - this is a milestone to celebrate.' Justin Basini, CEO and Co-founder of The ClearScore Group, said: 'We convened the Pledge to help boost the financial resilience of everyday people, and we have successfully done that. However, while we are proud to have hit the extended target of 25 million consumer actions, the work to help people manage their creditworthiness and financial stability never stops at ClearScore. We will continue fighting for the best insights, products and outcomes for our users and the financial services partners we work with. Michelle Highman, CEO of The Money Charity, said: 'We have been proud to be the Pledge's charity partner and to play our part in delivering our Money Workshops in communities across the country. We are grateful for the support we have received from various Pledge members, including Zopa and ClearScore. Our much-needed work also continues, and we hope to reach more people than ever before in 2025.' Zopa Bank and ClearScore launched the 2025 Fintech Pledge in 2022, quickly mobilising a cross-industry coalition of 57 fintechs. It is now run by six organisations: Zopa Bank leads savings, ClearScore leads credit, the Money and Pensions Service leads bills, Policy in Practice leads benefits, StepChange leads debt, and The Money Charity is the scheme's lead charity partner. Other partners include Google Cloud, Salesforce, and Hargreaves Lansdown. In 2025, the Pledge will continue to fund The Money Charity and encourage further industry collaboration linked to HM Treasury's development of a Financial Inclusion Strategy. In the autumn, the Pledge will publish its final Impact Report that will capture the coalition's successes to date and present its priorities for the future.
The Sun
22-04-2025
- Business
- The Sun
Big change to Universal Credit savings account for 550,000 – how you can get £300 free cash
Sam Walker, Consumer Reporter Published: Invalid Date, HUNDREDS of thousands on Universal Credit can now access £300 free cash after a major savings account change. The Government has loosened the eligibility criteria for its Help to Save account meaning those on lower incomes can apply. You can apply for one of the accounts if you are on Universal Credit or tax credits. You were previously only eligible if you were on Universal Credit and earned £846.56 or more in your last assessment period. However, you can now apply if you earned £1 or more in your last assessment period. The Government confirmed the change would come into effect this month in Budget documents published in October. The savings account scheme will also now close on April 2027 after it was due to shut this April. Opening up the qualifying criteria to all those on Universal Credit and working makes 550,000 more people eligible. A total of 3million can now open one of the accounts that pays out up to £1,200 free cash over four years, or £300 a year. However, since the savings account was launched in 2018, just 516,800 have opened one, according to recent Government data. It means millions who could be accessing free cash through the savings scheme are missing out. Michelle Highman, chief executive of The Money Charity, said: "We are really pleased to see the Help to Save scheme extended and made available to more people. How does work affect Universal Credit? "It's a brilliant way for people to start to save and to build their financial resilience and futures. "Saving even just a little each month will help, and the added 50% bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings." What is Help to Save and how to apply? Help to Save is a savings scheme for people on low incomes who receive either Universal Credit or tax credits. The Government gives you a tax-free 50% bonus on whatever you save. You can save between £1 and £50 into a Help to Save account each month and keep one open for up to four years. The Government says around 93% of those with a Help to Save account add the maximum £50 every month. If you add the maximum £50 in each month for four years, you receive £1,200 free cash from the Government. Bonuses are paid at the end of the second and fourth year of you holding the account. You can apply for a Help to Save account via You can also apply via the HMRC app which is free to download via the Apple App Store or Google Play. You'll need your National Insurance (NI) number or postcode to hand, as well as two of the following: a valid UK passport a UK photocard driving licence issued by the DVLA (or DVA in Northern Ireland) details of a tax credit claim, if you made one details from a Self Assessment tax return in the last 2 years, if you made one information held on your credit record, if you have one (such as loans, credit cards or mortgages) You'll also be asked to provide your UK bank details when you apply. If you don't already claim Universal Credit or tax credits, it's worth seeing if you're eligible. The most recent figures from Policy in Practice estimate around £8.3billion of Universal Credit goes unclaimed by more than 1.4million people each year, with the average claim worth £5,772 a year. Positives and negatives of Help to Save One major perk to Help to Save is that you can start adding into it from just £1 a month. Another is that you can dip into your savings at any point in case of an emergency. One major drawback is that you can only receive the bonus at the end of the second and fourth years. Another is that withdrawals can take up to three working days to process meaning you're left waiting for emergency cash. There are three free calculators you can use to see what you might be entitled to: Policy in Practice better off calculator entitledto benefits calculator Turn2us benefits calculator Not only is Universal Credit worth potentially thousands of pounds a year, you can get extra payments on top of your standard amount. For example, you can get childcare costs covered or top ups for housing costs. .
