Government Help to Save account - Pays 50% Bonus.

Asghar

Seems to be a new Government saving account to help those on low income to save.
Only available to those in receipt of Working Tax Credits.

Full details here:
https://www.tax.service.gov.uk/help-to-save/about-help-to-save

Help to Save is a savings scheme backed by HM Treasury, so your savings are 100% secure.

You can only open an account if you're receiving Working Tax Credit and meet all the eligibility criteria.

If you're eligible for an account, you could earn a 50% bonus on the money you've paid in.

Customers can save up to £50 each month.

At the end of 2 years, savers will get a 50% bonus based on the highest balance achieved.

Customers can carry on saving for another 2 years and get another 50% bonus on their additional savings.

If you pay in £2,400 over 4 years and don't make any withdrawals, you will earn the highest possible bonus of £1,200. All bonus money is tax-free.

I came across this when I saw it on the HotUKDeals website.
Link here:
https://www.hotukdeals.com/deals/help-to-save-account-to-earn-50-tax-free-bonus-for-people-on-working-tax-credits-or-universal-credit-2899122

Asghar

After doing some more research, it seems that the Help to Save scheme is not new.

It was announced a few years ago and even mentioned on these forums.
It was scheduled to start in April 2018 but has now started with a trial in January 2018, rolling out in stages. It will be available to all those eligible from October 2018.

This is the latest Government Policy paper:
https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme

Alexland

Indeed not new but might be useful to some forum members so still worth highlighting.

alewin

Thanks for the heads up.

The scheme seems to have started as I've just opened an account which lasts for four years from today.

At the end of the first two years a bonus of 50% will be paid my highest balance achieved, the maximum being £1200 and then a £600 bonus.

As the money is not tied up and can be withdrawn at any time, I could in theory, just save up £200 over the first four months then withdraw the lot leaving a balance of zero and still receive a £100 bonus after two years.

Seems very generous and will no doubt receive lots of complaints from people who are not eligible.

Neil_Jones

MSE article from 2016:
https://www.moneysavingexpert.com/news/savings/2016/03/help-to-save-scheme-to-offer-1200-bonus-to-low-paid-savers

MoneyAdviceService website says these will be available for five years. If you're eligible, sounds like a bit of a no-brainer, surely?

stehouk

got mine, deposited £50.
thanks for the info

Voyager2002

The link does not seem to say anything about people who live in Universal Credit areas, who therefore cannot claim Tax Credits and so cannot be eligible for this scheme.

Neil_Jones

Voyager2002 wrote: »

The link does not seem to say anything about people who live in Universal Credit areas, who therefore cannot claim Tax Credits and so cannot be eligible for this scheme.

the Government publication says you can:

https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme wrote:

The scheme ... will be open to UK residents who are:

...
entitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit payments [or]
claiming Universal Credit and have a household or individual income of at least £542.88 for their last monthly assessment period

This is however contradicted by the page you apply on.

Puddylove

alewin wrote: »

Seems very generous and will no doubt receive lots of complaints from people who are not eligible.

I'm not eligible, but I'm really happy that this scheme exists.

gordon_k

Thought this thread was worth bumping for anyone eligible.

Been tracking this online for months, but the top gov.uk 'help to save' google result tells us "If you currently meet one of these eligibility conditions, you do not need to do anything different at this stage."

Mmkay. So using the OP's link and going in thru my gateway acc, I'm cleared, signed up and just set up my standing order. :coffee:

aj23_2

Only if you're receiving working tax credit.