Four Hundred Pounds.. Free!!!

mandi

Hi ,

Today I have recieved a letter from MORI, and an application form to apply to the Halifax Building Society for something called a Saving Gateway account.. Basicly its a new scheme by the goverment to encourage those on benifits to save.and the good news is THAT FOR EVERY TWO POUNDS you save the goverment will add a further ONE POUND!!!!! now my maths arent brilliant but this sounds pretty damn good to me!!!!!!

Unfortunetly its resticted to the following areas at the moment

Cambridgshire
Cumbria & North Lancs
East London
East Yorkshire
South Yorkshire
Manchester

The amount you can save varies in each region but mine allows me to save Eight Hundred pounds over 18 months, to which the goverment will add a further WHOPPING 400 pounds!!!!!!!.. and you can spend it on anything you like... you can also withdraw it when you like, but will only receive the goverment money at the end of the 18 months

NB theres also a very personal survey in it from Mori, Ive checked and you dont have to fill it in to open the account..

Curry_Queen

Ooooooooooooo I'm very interested in this as I live in one of those areas

do you have any online links? ... although I guess I could go Google ...

The only problem is, as I've previously discussed here, that when your savings rise above a certain amount then you lose benefit anyway so there's no incentive to save really :mad:

I wonder how they'll get around that one!!!!


Edit: the first site I came across on Google is here but I've yet to read through it ... hope it helps anyone else who might benefit


Edit 2: on reading that page it seems you have to receive a letter inviting you to open such an account and can receive up to £400 from the government through the scheme ...

I quote ...

All you need to open a Saving Gateway account is £1. For every £5 you save the government will give you £1.

You could receive up to £400 from the government if you are able to save £125 a month for 16 months.

The government will add its contribution 18 months after you open your account. If you have managed to save £2,000, the maximum allowed in your Saving Gateway account, the government’s contribution will make your savings worth £2,400.



Well I hope they hurry up and send me an invitation! :rolleyes:

mandi

Hi Curry Queen,

Sorry to have to tell you this but, THERES NO CATCH!!!
you see these invertations are only sent to those on benefits, and anyone in receipt of benefits, as everyone knows.. has to have their savings taken into account before they can claim.... All the goverment are doing are trying to encourage those of us on low incomes to save, the account only runs for 18 months so,unless you already have some savings then, it wont affect your benefit entitlement :j :j :beer:

Hope your form arrives soon...

PS dont forget that you dont have to fill in the questionnaire, (some very intrusive questions on it)

jen_jen_2

yes it is real, the government have been running pilots in some places for around 2 years.

Dont know the details but it isnt a con.

Paul_Varjak

I posted on this just two minutes before you Mandi on the Savings and Investments Board.

Firstly, it is not just limited to people on benefits. Anyone with earnings of £25,000 or less and total household income of £50,000 or less can qualify. However, they have just started mailing people on DWP benefits.

MORI are also dialling 'random' numbers without reference the TPS list. They say this is OK because they are only engaged in 'Market Research' and not selling anything! They tell me this means they end up ringing street phone boxes and Police Stations!

When I got my invite today I rang MORI and they said that although it is supposedly by invite only but they are taking people's names and addresses should they not full the government quota.

I said I would advertise this on MSE but a few minutes later they rang me back and asked me not to include the government website address or their phone number!

Anyway, I can tell you the name: 'SAVING GATEWAY' and something called GOOGLE!

The incentives vary greatly across the regions, but they are all regular savings accounts operating over 18 months. If you live in Manchester you can get £1 for every £1 invested. In some regions you may only get just £1 for every £5 invested.

The account only operates through the Halifax and even they are not allowed to advertise it - something which they apparently ignored!

mandi

Paul_Varjak wrote:

I posted on this just two minutes before you Mandi on the Savings and Investments Board.

Firstly, it is not just limited to people on benefits. Anyone with earnings of £25,000 or less and total household income of £50,000 or less can qualify. However, they have just started mailing people on DWP benefits.

MORI are also dialling 'random' numbers without reference the TPS list. They say this is OK because they are only engaged in 'Market Research' and not selling anything! They tell me this means they end up ringing street phone boxes and Police Stations!

When I got my invite today I rang MORI and they said that although it is supposedly by invite only but they are taking people's names and addresses should they not full the government quota.

I said I would advertise this on MSE but a few minutes later they rang me back and asked me not to include the government website address or their phone number!

Anyway, I can tell you the name: 'SAVING GATEWAY' and something called GOOGLE!

The incentives vary greatly across the regions, but they are all regular savings accounts operating over 18 months. If you live in Manchester you can get £1 for every £1 invested. In some regions you may only get just £1 for every £5 invested.

The account only operates through the Halifax and even they are not allowed to advertise it - something which they apparently ignored!

Well that brilliant Paul,

Great minds and money savers think alike!!

Curry_Queen

Paul_Varjak wrote:

MORI are also dialling 'random' numbers without reference the TPS list. They say this is OK because they are only engaged in 'Market Research' and not selling anything! They tell me this means they end up ringing street phone boxes and Police Stations!

This might explain the recent calls I've been getting from "witheld" or "unavailable" phone numbers then, as I never answer calls but have caller ID to monitor them.

I already have a dormant Halifax account so can't wait for them to send me my "invite" to get this up and running. I'm just concerned about the effect it will have on my IS if they give me extra money though, as my current savings plan will take over the £3K limit within 12 mths anyway

Foxy

not available in cumbria:(ignore that just looked properly:j

Curry_Queen

mandi wrote:

Hi Curry Queen,

Sorry to have to tell you this but, THERES NO CATCH!!!

So are you telling me I won't be penalised for having savings over £3K then? ... if so, please point me to some confirmation of that

Foxy

now all i need is an invite:(

mandi

Foxy wrote:

not available in cumbria:(ignore that just looked properly:j

It is because thats where I live.. so dont be angry yours should be with you soon... hopefully