HM Treasury The Saving Gateway - £400 for Free!

Paul_Varjak · 10 May 2005 at 3:26PM

No longer wish to disclose personal information

MarkyMarkD · 10 May 2005 at 7:50PM

Given that the government's site explicitly says you can only take part if you are invited to do so, I can't see why anyone would want to phone up MORI, Paul.

It's a pretty stupidly thought out scheme, IMHO. At least for the area I looked at - Cambridgeshire - where you get £1 of "bonus" for every £5 you put in, but the "bonus" is based on the highest balance in the account ever - so you could pay in £2,000, collect your £400 bonus (which you then have to wait 18 monts for), and take all of the £2,000 out again. Not sure quite what the point of that is meant to be.

It certainly doesn't seem calculated to encourage savings in the normal sense of the word.

MarkyMarkD · 10 May 2005 at 8:35PM

Aha, now I see. I still shan't bother registering as it all sounds a bit poxy and I don't live in any of the eligible areas in any case.

isasmurf · 10 May 2005 at 9:03PM

As has already been stated this trial is only for carefully selected people in 5 specific areas. You cannot apply for this, so don't waste your time phoning anyone up.

MarkyMarkD · 10 May 2005 at 10:50PM

The trial isn't going to mean squat if lots of MSEs "carpetbag" this deal. It's meant to be an initiative (albeit a sadly misguided New Labour one) to get the poor to save money.

The fact that poor people can't afford to save money seems to be beyond their comprehension.

MSE_Martin · 10 May 2005 at 11:24PM

I have to say while I'm all for grabbing cash from the banks, I would feel very uncomfortable people carpet bagging this deal.

I'm not going to delete the post - but i do feel somethings should be left.

We have a savings deficit in the UK, this is a trial initiate to see what would help especially in poorer areas. If it works hoorah. Yet the results are important. Whether or not it is possible to grab the cash if you're not invited, i would suggest it is best to leave it to work or not work for the greater good.

martin

mandi · 10 May 2005 at 11:28PM

Paul_Varjak wrote:

I agree in part with what you say, MarkyD, but it was not something those at MORI seemed to understand!

MORI are, presumably, paid by fulfilling their 'quota'; so, if they cannot meet this 'target' by legitimate means (if you call phoning those registered with TPS as legitimate) then they are bound to resort to accepting applications from non-invitees! They said as much to me before I said I would advertise this on MSE!

Apparently, numerous non-invitees and also invitees who have been offered less generous terms have vented their anger about this scheme on the freefone number to MORI. There is nothing worse than introducing a scheme for the poor only to find that if you, as a poor person, is excluded because of where you live!

Also, those on income-related benefits may be affected by these savings and lose some entitlement to benefit when their capital exceeds £3,000 and cannot afford to save anyway. So, I agree with your assumption that it is a 'Lame Duck' that a few better off people will take advantage of until the government discards it! I will open an account tomorrow!

What amazes me is that this scheme has been running 2-3 years but has not, apparently, received a mention on MSE before! Yet, today, two people posted independently (on separate boards) within two minutes of one another about the scheme because they have received invites based on their enitlements to benefits.

So, have the Government only just started targetting those on benefits rather than just getting MORI to ring 'random' numbers? And, perhaps, they are only targetting those who are on benefits and have those benefits paid into a Halifax bank account?

G

Good question about targeting those on benefits paid into the halifax Paul, but mine are not, strange you should mention it though, cos when I called the Halifax they asked if I was an account holder!!!! .. the plot thickens.. Dont you think??????

isasmurf · 11 May 2005 at 9:26PM

Paul_Varjak wrote:

What amazes me is that this scheme has been running 2-3 years but has not, apparently, received a mention on MSE before! Yet, today, two people posted independently (on separate boards) within two minutes of one another about the scheme because they have received invites based on their enitlements to benefits.

You obviously haven't been paying attention Paul. I have mentioned it before, but only in passing with something else. The reason why it hasn't been discussed in any detail is probably because the first trial started before this site was launched. That trial finished some time ago, and this second, larger, trial only started a month or so ago. It is some coincidence though that two MSE members got an invite and posted about it within minutes! Spooky.

So, have the Government only just started targetting those on benefits rather than just getting MORI to ring 'random' numbers? And, perhaps, they are only targetting those who are on benefits and have those benefits paid into a Halifax bank account?

This has nothing to do with who has an Halifax account, or benefits. It is about people on low incomes and encouraging them to save.

Paul_Varjak · 13 May 2005 at 3:39PM

OK, Halifax returned my documents but won't open the account by post - even though it clearly states you can do so in the documentation! And they returned documentation under-stamped so I had to pay £1.05p to receive it!

I had given them all the required ID, and I am a customer already - so they know me!

Anyway have now spoken with manager. He asked if I had other accounts with Halifax. When I said I had seven accounts with Halifax, he immediately changed his tone! He is now 'sorting it' and will be refunding the £1.05p!

If you do get one of these invites to open a Saving Gateway account just make sure you contact the branch first - don't expect them to open it without making an appointment - and make sure they are aware of their obligation to open it by post if you want to!

iris · 27 May 2005 at 12:54PM

I have just received my 'invitation' for The Gateway Savings Plan. I live in Lincolnshire but my post code is Peterborough (Cambridgeshire).

Can someone tell me why there is such a big difference with the Government's contribution from area to area i.e. Manchester £1 for every £1 saved and my area £1 for every £5 saved:(

Milarky · 27 May 2005 at 5:52PM

I had a look at this. There are five other pilots, all with different features, and I was surprised at just how varied they have made them.

http://www.direct.gov.uk/savinggateway

Cambridgeshire = £2,000 + £400 [+20%]

Cumbria and North Yorkshire = £800+ £400 [+50%]
East London = £800+ £160 [+20%]
East Yorkshire = £400+ £250 [+62.5%]
South yorkshire = £400+ £200 [+50%]
Manchester = £400+ £400 [+100%]

The reason is that they want to see how savers in different regions repsond to different incentives. They will no doubt have profiled the people they invite so that they can compare you - in your area - with anyone with similar personal circumstances on a pilot in any of the other areas. From the differences in how people save they can estimate [I assume] how to structure a national Savings Gateway to maixmize the take up...

So, looking at your area, you are still on the same 'uplift' as Manchester - and definitely better off that savers in East London - who can only save 40% as much as you.

But what I'd like to know [if you can point me out] is what rate of interest is on offer - as I assume that Halifax isn't going to get the money for nothing are they?

Any ideas?

HM Treasury The Saving Gateway - £400 for Free!

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free