Savings Gateway Pilot IDA Program - United Kingdom

The Saving Gateway program offers savings accounts to low-income people of working age with matches from the Government. In August 2002, the pilot phase of this program began with five sites offering the accounts to up to 1,500 people. Participants will save in these accounts for 18 months, with the Government matching up to £25 per month. Financial education will be provided throughout the project to help participants open, grow, and maintain their savings accounts. Although this program’s structure is similar to IDA programs in the U.S., Saving Gateway participants will face no restrictions on the use of their accounts. However, they will be encouraged to roll their savings over to other savings products at the end of the pilot project.