Saving Gateway (Government Saving Scheme?)

DX2

bestpud wrote: »

Def not only for parents as we had a leaflet about it at work and they are adults with learning disabilities who claim benefits but don't have children.

There must be another way they contact people too - perhaps they are just starting with that group?

When the scheme launches in 2010, if our records show you qualify for an account, you will be sent a letter of invitation, an information booklet and a list of Saving Gateway providers by HMRC. You will be able to take your letter to any approved Saving Gateway provider and open your account.

bestpud

DX2 wrote: »

Tax credits - if you have an income below £16,040

DX2 wrote: »

When the scheme launches in 2010, if our records show you qualify for an account, you will be sent a letter of invitation, an information booklet and a list of Saving Gateway providers by HMRC. You will be able to take your letter to any approved Saving Gateway provider and open your account.

That's how I understood it would happen, from the leaflet I read, but the OP said it came via the school so I started to query it then.

So that means WTC too then, so long as income is below the threshold?

HGLTsuperstar

Also wonder about if the Tories get in, also what if you come of benefits before the end - do you still get the bonus on the amount saved up to that point?

bestpud

HGLTsuperstar wrote: »

Also wonder about if the Tories get in, also what if you come of benefits before the end - do you still get the bonus on the amount saved up to that point?

Well, I suppose some people would still have savings they'd otherwise not have had (if that makes sense!)

It may not be a complete lost cause if they did scrap it is what I'm saying - well, so long as they paid some interest on it - normal rate, or maybe a little bit more.

Stigkgal

supersaverkerry wrote: »

Just wondering is this only available to parents then?

Its says if school records show you are eligible then you will get an invitation to open an account, but whilst I get the qualifying benefits I do not have any children in a school.

as OP, just to let you know, I am lucky enough to have a pro-active school. As far as i can decipher from the leaflet I recieved, it was the school passing the information on to the community as a whole, via the school newsletter.

i am pretty sure that this is for all who qualify, and the 'parents' reference was simply my lil gals school ensuring that all bases are covered and the info gets out there.

sorry if I wasnt clear, and confused anyone! Hope this has cleared it up for you

gilly56

Do you think the new coalition government will now scrap this scheme? The research for it and pilot schemes, etc. have been going on for the past nine years so big waste of money there if it's scrapped? As I understand it the pilot schemes have shown that it did encourage saving generally and the Conservatives say they want to help and encourage savers. I think though that they will likely abandon it.

I also understand that the interest paid on these savings accounts will be tax-free like an ISA, is that correct? Also is the savings provider's interest accrued a separate payment from the government's top-up payment?

Walnut_Whip_2

I'm wondering if anyone has actually received one of the letters that are supposed to be automatically sent if someone qualifies?! My daughter should qualify, but hasn't received anything, and my friend's daughter also hasn't had a letter. I think it's unlikely this scheme will go ahead now.

gilly56

It wasn't due to start until July 2010 and there was to be phased release of application forms by HMRC to those who would qualify. So it could go ahead as all will be in place for it. Link for info is given in earlier post above.

Edit: Just noticed that the Treasury web pages about this scheme have been shifted over to their 'Web Archives' section so I reckon it's being scrapped!