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MSE News: Help to Save scheme to offer £1,200 bonus to low-paid workers
MSE_Luke
Posts: 295 MSE Staff
Low-paid workers who put money away in a new savings scheme will be rewarded with a bonus of up to £1,200...
Read the full story:
'Help to Save scheme to offer £1,200 bonus to low-paid workers'
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'Help to Save scheme to offer £1,200 bonus to low-paid workers'
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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I recall during very early 90s ,SAYE account a small number of Building Societies offered, 20.00 per month - 5 years term with a very generous bonus added by the government at the end of the term, account was available to everyone including single males who often don't qualify for in work means tested benefits, that particular SAYE was scrapped by if my memory serves me correct - Tories.
[FONT="]50.00 per month will be a 2018 version [/FONT]of the above albeit only available to a relatively small number of people
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In two years time, people who receive, and are able to save from, a benefit which is slowly being abolished, will get a £600 bonus if they meet the t&cs for another two years.
Almost no-one will ever receive this.
Come on, this is just a squirrel to divert attention from the really bad news on Wednesday.0 -
For those who do qualify first bonus is due during 2020 election year. :rotfl:0
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Between HTB ISA's and this anyone receiving top up benefits (& child maint payments) running a good budget can really find £5000 house buying deposit top up, its good schemes and teaches to save and work your way out of poverty/state dependency.
I see people just fritter CTC away moaning they cant afford this or that...no a tax free credit of £300 you wasted on crap, £300 a month can pay a massive whack of a mortgage in a better area for your childs upbringing.SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe
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And what's to stop someone more well off, finding a relative on benefits that they trust, saving the £50 a month in their name, taking the capital back at the end of the term, and splitting the bonus?
Easy way for two people to make a few hundred quid each.0 -
What do they want to achieve by this?
Encouraging saving is certainly not on the agenda after they successfully destroyed savings environment to encourage spending.
As a side note, like all MSE articles, this one needs proof-reading as quotation marks are in shambles.0 -
cheesetoast wrote: »And what's to stop someone more well off, finding a relative on benefits that they trust, saving the £50 a month in their name, taking the capital back at the end of the term, and splitting the bonus?
Easy way for two people to make a few hundred quid each.
Well I'm sure the person getting 50% bonus for nothing can use it hopefully wisely and fund santa not a credit account for santa.SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe0 -
What do they want to achieve by this?
Encouraging saving is certainly not on the agenda after they successfully destroyed savings environment to encourage spending.
As a side note, like all MSE articles, this one needs proof-reading as quotation marks are in shambles.
Labour and Tories at least this time learn from their mistakes, its been almost a century...they have to backtrack once or twice per century SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe0 -
cheesetoast wrote: »And what's to stop someone more well off, finding a relative on benefits that they trust, saving the £50 a month in their name, taking the capital back at the end of the term, and splitting the bonus?
Easy way for two people to make a few hundred quid each.
To be fair, thats probably better for their relative on benefits than before. Half of the bonus is better than none of the bonus.."If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
Great, another reason for people to think twice before they make any attempt to better themselves and earn more money. Loss of benefits already amounts to a 90% income tax rate for some low earners. If you're offered a promotion and pay rise that would take you off working tax credit when you're about to claim your £600 bonus, do you have to turn it down?
And as Martin says, most people in this country should be reducing debt. Straight out of The Thick Of It.0
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