Hope this helps! Saving Gateway-Govt to match each £1 you save up to£375 for 18 mths

asea

I'm no financial expert but thought that this looked like a good plan for some MSErs who may are struggling to save

http://www.hm-treasury.gov.uk/media/4/1/ACF1F8F.pdf

For every £1 you put into your account the Government will match it (by putting in £1)
when the account ends - after 18 months.



Hope it helps some of you!!!

:j

ric2003

great, thats all we need. another government hand out to lazy work shy chavs.

asea

it's for people who are on low incomes including those who WORK & don't get paid more than £11k a year which means that they probably don't have enough money to save. Did you even bother to read it before you sprouted your hatred?

m_c_s

I thought this was only a pilot study and is limited to certain areas in the UK?

agal

Can anyone work out what the equivalent interest rate would be for this account?
£25 p.m.for 18 months = £450 but £375 is the maximum that can be held viz. £25 for 15 months. After a further three months the government adds £375 to the account and the total of £750 can then be withdrawn. It reminds me of the old S.A.Y.E. schemes (but much more generous for those who qualify).

Milarky

m_c_s wrote: »

I thought this was only a pilot study and is limited to certain areas in the UK?

It looks like it still being piloted (6+ years after being announced.) It's only a TSC report which has come out about it. See here

It's an obvious scheme to give to credit unions to run rather than the Halifax - free government money no actual interest paid by the bank (they'll say they have admin costs - but who doesn't) CUs don't have to pay a dividend by law in this country and they are moribund without something like this to flash at people: "Now that's a nice sum you've saved with us (at 2%) How about a loan for 2% [a month]?")