Four Hundred Pounds.. Free!!!

Foxy

cheers mandy guess im gonna have to stay in for the phone call and hope:)

mandi

Curry_Queen wrote:

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

I know the saving limits are to be increased,but not sure when... Think you soon can have a maximum of Six thousand... Does anyone know when the increase is?????

Paul_Varjak

mandi wrote:

Well that brilliant Paul,

Great minds and money savers think alike!!

Amazing that we should post within two minutes of one another when there are no other posts on this site and this scheme has been running since 2002!

MORI did tell me (eventually) that my invite was from DWP data on benefits. So, I guess, this will become more widely known now.

I don't think they are targeting existing Halifax customers (although I have seven with them already). That will be eight by tomorrow!

mandi

Paul_Varjak wrote:

Amazing that we should post within two minutes of one another when there are no other posts on this site and this scheme has been running since 2002!

MORI did tell me (eventually) that my invite was from DWP data on benefits. So, I guess, this will become more widely known now.

Yes is amazing!! what did you think of the questionnaire?? I dont mind answering some questions but my buisiness is mine .. not the government and certainly not the staff at my local Halifax , the way the letters worded, makes it appear compulsory that you complete it and you dont.. could put some people off I think

Curry_Queen

mandi wrote:

I know the saving limits are to be increased,but not sure when... Think you soon can have a maximum of Six thousand... Does anyone know when the increase is?????

That would be absolutely fantastic if it's true!!!!!!


I know there'll be some that would say well how can you save that on benefits, but I get care and mobility DLA, and because I never go anywhere or do anything I don't use it all up (read the Old Style boards on how to live frugally too!!!) so I've been saving it up for the future as I'm not sure I'd qualify again at my review, purely because of the difference of having a bit of extra money makes!!! ... does that make sense to some?

I feel that I should remain within the budgets I had before DLA as I'm so scared of losing it

In a way, finding MSE has been a detriment to my finances in one sense but I wouldn't be without it now

mandi

Curry_Queen wrote:

That would be absolutely fantastic if it's true!!!!!!


I know there'll be some that would say well how can you save that on benefits, but I get care and mobility DLA, and because I never go anywhere or do anything I don't use it all up (read the Old Style boards on how to live frugally too!!!) so I've been saving it up for the future as I'm not sure I'd qualify again at my review, purely because of the difference of having a bit of extra money makes!!! ... does that make sense to some?

I feel that I should remain within the budgets I had before DLA as I'm so scared of losing it ;(

In a way, finding MSE has been a detriment to my finances in one sense but I wouldn't be without it now

it is true :j just not sure when is starts.

mandi

Foxy wrote:

cheers mandy guess im gonna have to stay in for the phone call and hope:)

glad your pleased :j I havent had any phone calls though, you need an invite, so the application will be posted to you, and its quick and simple to complete,, only took a couple of mins

Paul_Varjak

curry_queen:

The savings in this account to count towards your savings limit for benefits; there is a warning to that effect in the invite.

If you do have savings why not some into a personal pension or life endowment policy? Monies you have there would not count towards your savings limit and, if it was in a personal pension, you would even get a tax credit added to your pension contribution even though you probably do not pay tax.

Sadly, this tax break no longer applies to life endowment contributions.

Curry_Queen

Paul_Varjak wrote:

curry_queen:

The savings in this account to count towards your savings limit for benefits; there is a warning to that effect in the invite.

If you do have savings why not some into a personal pension or life endowment policy? Monies you have there would not count towards your savings limit and, if it was in a personal pension, you would even get a tax credit added to your pension contribution even though you probably do not pay tax.

Sadly, this tax break no longer applies to life endowment contributions.

I did ask about pensions/endowments etc one I realised my savings would go over the limit if I continued to save at the same rate I am now, but received little info about it or got told not to bother

I can't get any form of life insurance/assurance because of current health issues and I don't have a mortgage anymore to plough excess money into. It seemed my only option was stick cash under the matres once I'd reached my savings limits .. either that or spend it all :eek:

penrith

Curry_Queen wrote:

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.

i think the "£2400" is they key thing. Aren't you allowed up to £3000 on means tested benefits before it affects the amount of means tested benefits you can get? Am i right in thinking if you have over £2500 they check you so you don't go over £3000? perhaps that is why you're allowed to make it up to £2400.