Help to Save NOW OPEN: when it's worth it, and when it isn't!

AirlieBird

stoozie1 wrote: »

I am saying that tax credits in the year of receipt of the bonus will reduce, as it will count as 'other income'. My withdrawal rate is 41%, YMMV

The Help to Save and Lifetime ISA bonuses are disregarded income for the purposes of calculating income for tax credits and universal benefit.

ProDave

Dandytf wrote: »

I'm confused my account is open 50 paid in which I can view-+25 bonus added.
Withdrawals are online-where is the withdraw option?
E.g. You'll get 50% of your highest balance between 1 April 2018 and 31 March 2020 - for your first tax-free bonus. Even if you make withdrawals.

Your first bonus will be paid into your UK bank account from 1 April 2020.

Have you set up your bank details? I think you need to do that before withdrawal options are available.

Re the bonus affecting your tax credits? surely not. It's tax free for a start, so I would no more include the bonus in my "income" calculations for tax credits, than I would include the income from tax credits themselves.

Dandytf

I hope my recently increased wtc's aren't affected

Dandytf

ProDave wrote: »

Have you set up your bank details? I think you need to do that before withdrawal options are available.

Re the bonus affecting your tax credits? surely not. It's tax free for a start, so I would no more include the bonus in my "income" calculations for tax credits, than I would include the income from tax credits themselves.

Thanks for the setting up bank details which I did read though I was going to use mobile nor online banking to setup 50 per month.
I'll retry and post later today though I would have expected a withdraw link which could have then advised or asked to setup bank details.

Dandytf

Update -I did setup my bank details for debit card payment on acc opening-
Your UK bank account details
We'll pay any money you withdraw or bonuses you earn into this UK bank account.
Ill setup up SO via mobile banking today £50 per month 28th each month
Can 1st SO be from 28th April or as I made 1st debit card payment does that mean SO from 28th may
Answered in help2save account page
Next payment can be made from 1st May which means I can choose either 28th April or 28th May for next months payment.
Think I'll call the helpline tomorrow for withdrawal terms and link-suspecting close account link may offer withdrawals though not sure-I don't plant to make any withdrawals at all though as it's new I would like to see where the link is anyway.
Since called the helpline-I've does have some simple options though closed until tomorrow to speak to an advisor.

chiefnoodle

Zanderman wrote: »

The government website clearly states these are for people getting tax credits.

What makes you think they are open for everyone?

Sorry I see my wording was misleading. I certainly didn't mean there were no eligibility criteria. Obviously you have to be over 18, British citizen, in receipt of TCs. All I meant was that while officially only in a trial phase now, it seems that anyone can open them, i.e. not only if you got an invitation, but again obviously only if you're eligible. Sorry if I caused confusion!

Dandytf

It does mention it started Jan2018 though will be rolled out in stages until Oct2018
I hope my new account is eligible-I'm not convinced though it does appear to be open.

cheesetoast

I had an invitation to open one on 9th April, as a banner at the top of my "Manage Tax Credits" account on gov.uk. Opened one for me and Mrs Toast the same day

Dox

chiefnoodle wrote: »

Sorry I see my wording was misleading. I certainly didn't mean there were no eligibility criteria. Obviously you have to be over 18, British citizen, in receipt of TCs.

You don't have to be a British citizen - they are open to 'UK residents'.

chiefnoodle

cheesetoast wrote: »

I had an invitation to open one on 9th April, as a banner at the top of my "Manage Tax Credits" account on gov.uk. Opened one for me and Mrs Toast the same day

Well I think that can put the scam theory safely to rest