MSE News: Help to Save scheme to offer £1,200 bonus to low-paid workers

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Low-paid workers who put money away in a new savings scheme will be rewarded with a bonus of up to £1,200...
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'Help to Save scheme to offer £1,200 bonus to low-paid workers'
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  • bristolleedsfan
    bristolleedsfan Posts: 12,124 Forumite
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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=&quot]50.00 per month will be a 2018 version [/FONT]of the above albeit only available to a relatively small number of people :(
  • steve65e
    steve65e Posts: 154 Forumite
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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.
  • bristolleedsfan
    bristolleedsfan Posts: 12,124 Forumite
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    edited 14 March 2016 at 1:22PM
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    For those who do qualify first bonus is due during 2020 election year. :rotfl:
  • diamonds
    diamonds Posts: 6,048 Forumite
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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 ;)
  • cheesetoast
    cheesetoast Posts: 258 Forumite
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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.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    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.
  • diamonds
    diamonds Posts: 6,048 Forumite
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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.

    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 Europe ;)
  • diamonds
    diamonds Posts: 6,048 Forumite
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    grumbler wrote: »
    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 Europe ;)
  • george4064
    george4064 Posts: 2,818 Forumite
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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.

    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 2021 - #027 £15,268 (76%)
  • Malthusian
    Malthusian Posts: 10,980 Forumite
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    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.
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