Government Help to Save account - Pays 50% Bonus.
Asghar
Posts: 433 Forumite
Seems to be a new Government saving account to help those on low income to save.
Only available to those in receipt of Working Tax Credits.
Full details here:
https://www.tax.service.gov.uk/help-to-save/about-help-to-save
Help to Save is a savings scheme backed by HM Treasury, so your savings are 100% secure.
You can only open an account if you're receiving Working Tax Credit and meet all the eligibility criteria.
If you're eligible for an account, you could earn a 50% bonus on the money you've paid in.
Customers can save up to £50 each month.
At the end of 2 years, savers will get a 50% bonus based on the highest balance achieved.
Customers can carry on saving for another 2 years and get another 50% bonus on their additional savings.
If you pay in £2,400 over 4 years and don't make any withdrawals, you will earn the highest possible bonus of £1,200. All bonus money is tax-free.
I came across this when I saw it on the HotUKDeals website.
Link here:
https://www.hotukdeals.com/deals/help-to-save-account-to-earn-50-tax-free-bonus-for-people-on-working-tax-credits-or-universal-credit-2899122
Only available to those in receipt of Working Tax Credits.
Full details here:
https://www.tax.service.gov.uk/help-to-save/about-help-to-save
Help to Save is a savings scheme backed by HM Treasury, so your savings are 100% secure.
You can only open an account if you're receiving Working Tax Credit and meet all the eligibility criteria.
If you're eligible for an account, you could earn a 50% bonus on the money you've paid in.
Customers can save up to £50 each month.
At the end of 2 years, savers will get a 50% bonus based on the highest balance achieved.
Customers can carry on saving for another 2 years and get another 50% bonus on their additional savings.
If you pay in £2,400 over 4 years and don't make any withdrawals, you will earn the highest possible bonus of £1,200. All bonus money is tax-free.
I came across this when I saw it on the HotUKDeals website.
Link here:
https://www.hotukdeals.com/deals/help-to-save-account-to-earn-50-tax-free-bonus-for-people-on-working-tax-credits-or-universal-credit-2899122
0
Comments
-
After doing some more research, it seems that the Help to Save scheme is not new.
It was announced a few years ago and even mentioned on these forums.
It was scheduled to start in April 2018 but has now started with a trial in January 2018, rolling out in stages. It will be available to all those eligible from October 2018.
This is the latest Government Policy paper:
https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme0 -
I have just opened one online- it was surprisingly easy. There is no interest paid but the 50% bonus more than makes up for it. Having recently traded full-time employment for redundancy and part-time employment, it will be a handy place to save £50 a month.0
-
Does seem odd criteria!
If you need to claim WTC do you have any spare money?0 -
skcollobcat10 wrote: »Your getting benefits just like the disabled/carers/unemployed and yet only breeders are allowed to open up bank account, I think it's sounds suspect. Why would the government give you free money? I think they have it in mind to get rid of tax credits and it's a sweetener.
They are getting rid of tax credits, which aren't affected by savings. It's being replaced with Universal Credit, which is affected by savings albeit it at a higher amount than this scheme on its own will build.Unless I say otherwise 'you' means the general you not you specifically.0 -
Perhaps. I read the eligibility as WTC or CTC, so presumably you can open an account without having children.0
-
Does seem odd criteria!
If you need to claim WTC do you have any spare money?
Yes quite!
On one hand cut back how much can be claimed and grill those that are claiming. Make the self-employed jump through hoops to prove they are self-employed, and on the other pay people to save from it!
The whole point of WTC was to support those on low incomes.
Madness.0 -
skcollobcat10 wrote: »Your getting benefits just like the disabled/carers/unemployed and yet only breeders are allowed to open up bank account, I think it's sounds suspect. Why would the government give you free money? I think they have it in mind to get rid of tax credits and it's a sweetener.
Only breeders, there's single & working couples who claim working tax credits, maybe the clue is in working.0 -
POPPYOSCAR wrote: »Yes quite!
On one hand cut back how much can be claimed and grill those that are claiming. Make the self-employed jump through hoops to prove they are self-employed, and on the other pay people to save from it!
The whole point of WTC was to support those on low incomes.
Madness.
Maybe make the self employed show they are making a wage, instead of being reliant of benefits supporting them when they are making very little.
Why should someone be in full time employment earning money, but someone self employed be getting more.0 -
After doing some more research, it seems that the Help to Save scheme is not new.
It was announced a few years ago and even mentioned on these forums.
It was scheduled to start in April 2018 but has now started with a trial in January 2018, rolling out in stages. It will be available to all those eligible from October 2018.
This is the latest Government Policy paper:
https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme
According to the government the Help To Save Scheme is in fact new as in fact your own contradictory post shows:
It's also available for wider benefits claimants than previously stated in this thread:Help to Save started with a trial in January 2018, rolling out in stages. It will be available to all those eligible from October 2018.
https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-schemeentitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit payments
claiming Universal Credit and have a household or individual income of at least £542.88 for their last monthly assessment period0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.9K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards