Hep to save?

[Deleted User]

Hi,

So I was changing my childcare information on tax credits and noticed a help to save account I am possibly eligible for. If you pay in £50 per month for 2 years you get a bonus of £600 - Surely this beats any interest on a current account doesn't it? But at 1.84% will it beat the interest added to my mortgage over that time?

It looks like you can have an account for 4 years and you get the bonus twice.
Anyone had one?

AnotherJoe

It take it this is the government help to save scheme ?
That's substantially more than 1.84% and will therefore substantially beat overpaying your mortgage, if that's your question and 1.84% is your mortgage rate.

talexuser

£50 a month for 2 years is £1200 deposit, so after 2 years the £600 bonus beats anything you can get with zero risk. The next 2 years are not as good in interest terms as the first 2 years because you need to keep the first £1200 in the account while depositing the second £1200 to get the second £600, but it still beats anything else with zero risk by a very large margin. No brainer if you qualify for the child or tax credits.

Dandytf

Spendingqueen wrote: »

Hi,

So I was changing my childcare information on tax credits and noticed a help to save account I am possibly eligible for. If you pay in £50 per month for 2 years you get a bonus of £600 - Surely this beats any interest on a current account doesn't it? But at 1.84% will it beat the interest added to my mortgage over that time?

It looks like you can have an account for 4 years and you get the bonus twice.
Anyone had one?

My account is setup past 2 weeks approx.
Deposited 50.00 visa debit for April.
Forgot to add 1st 25 bonus is showing in H2s account.
Setup rbs SO -next 50 to be deposited each month from 1st or 2nd May.
I've decided to stop telling myself "I'm not a saver"
Instead I intend to save 4 years total.
Interesting as 600 from year 2 is auto sent to my bank
As is 600 year 4
I.e. bonus autowithdraws from hs2 into bank acccount.
I seriously hope gov dont cut back on the terms if lots sign up.
OP good luck if you think you can save it doesn't have to be from 50 if you want to save less.
I'll know by year 2 if I can manage until year 4.
All online with working tax credits since displayed from same gov url

[Deleted User]

No I am happy to save the £50 per month as we have disposable income so that is fine, I think it is a brilliant scheme
Thanks for all feedback.