Forum Home» Savings & Investments

Savings scheme for those on low incomes gives up to £1,200 bonus - MSE News

New Post Advanced Search

Savings scheme for those on low incomes gives up to £1,200 bonus - MSE News

edited 30 November -1 at 1:00AM in Savings & Investments
33 replies 5.3K views
MSE_Megan_FMSE_Megan_F Former MSE
418 posts
Newshound!
✭✭
edited 30 November -1 at 1:00AM in Savings & Investments
A new savings scheme which gives up to a £1,200 bonus to people on low incomes has been launched - but MSE founder Martin Lewis has warned there's a risk it could lead to people mis-prioritising their finances...
Read the full story:
'Savings scheme for those on low incomes gives up to £1,200 bonus'
OfficialStamp.gif
Click reply below to discuss. If you haven’t already, join the forum to reply.
Read the latest MSE News
Flag up a news story: [email protected]
Get the Free Martin's Money Tips E-mail
«134

Replies

  • VT82VT82 Forumite
    1.1K posts
    How does the government come up with these daft as a brush convoluted savings schemes? Honestly, back in the day some people thought ISAs were complicated, but they were childs' play compared to this!


    I've got a maths degree and work in finance and even I can't be bothered to try to understand the finer points of some of the more recent offerings. And that's even before you consider Martin's warnings about why this new scheme may be detrimental to your wealth vis-a-vis the cost of debts.
  • VT82 wrote: »
    How does the government come up with these daft as a brush convoluted savings schemes? Honestly, back in the day some people thought ISAs were complicated, but they were childs' play compared to this!


    I've got a maths degree and work in finance and even I can't be bothered to try to understand the finer points of some of the more recent offerings. And that's even before you consider Martin's warnings about why this new scheme may be detrimental to your wealth vis-a-vis the cost of debts.

    Simple Save £50 per month for 2 years - total £1200 and they give you £600.
    Sve another £1200 and they give you another £600 in 2 years later.

    So save £2400 in 4 years and get a free £1200 bonus.
    I enjoy flower arranging, kittens, devil worship, the study of serial killers and their methods and road kill jigsaws.
  • edited 12 September 2018 at 11:38PM
    Captain_BravoCaptain_Bravo Forumite
    34 posts
    10 Posts Name Dropper Photogenic First Anniversary
    edited 12 September 2018 at 11:38PM
    Am I eligible for Help to Save?

    - To get one, you need to be a UK resident:
    - I am an EEA national and I have permanent residency in UK, I've applied for a yellow card (self employed) like 10 years ago and I lived and worked in UK since 2008.

    - Receive working tax credit or child tax credit.
    - In the last years I've worked hard and made over 20k profit every year ... had to pay a lot of taxes, but because I live in Aberdeen and this place is sinking slowly due to oil&gas crisis some of my customers went bankrupt, I lost more than 15.000 pounds on unpaid invoices in the past 2 years and this year I finally asked for some help so few months ago I start receiving child tax credit. (I am 38 y.o. and I have 2 kids)

    - Claim universal credit and have an individual/household income from employment of £542.88 or more for the last monthly assessment period.
    - I am not in employment, I work as a self employed gardener, cleaner, handyman, have my business well established for almost 10 years now. Can I apply ?

    Does anybody know if self-employed qualify for this ?
    And I don't understand, is this a product that will be offered by the banks soon ? Where do I apply ?


    Yes, I feel sorry for myself sometimes, I spent the last decade working hard and I'm still poor. I end up in the tax credit bracket and now seeing this low-income saving scheme I feel it's a good thing...
    I want to become smarter, for my kids, for my family, I start reading personal development books, I read MSE forum, I paid off all my debt and I want to educate myself out of the misery.
    Today I also started my first ever ISA, signed up for Vanguard LifeStrategy 100 and deposited my savings of 2000 pounds.
    Reading this forum will change my life. Thank you all ! And please :) Recommend a book that I can read, or give me some tips if you can. Thanks again !
  • PasturesNewPasturesNew Forumite
    70.4K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    VT82 wrote: »
    How does the government come up with these daft as a brush convoluted savings schemes? Honestly, back in the day some people thought ISAs were complicated, but they were childs' play compared to this!
    This.

    And this is why many don't save .... because it's "too hard to understand" ... and, even if you start, you fall foul of something or other you didn't understand.
  • I get a tiny bit of Child Tax Credit and I qualify so have signed up for an account. £50 a month isn't that much to me and I get free money from the Government

    Easy to login, create an account and see if you qualify. https://www.gov.uk/get-help-savings-low-income
    I enjoy flower arranging, kittens, devil worship, the study of serial killers and their methods and road kill jigsaws.
  • pearl123pearl123 Forumite
    1.7K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭
    Help to Save - Why not offered to carers? £64.60 per week not low enough?
  • I have managed to open a 'Help to Save' account today,

    Had to provide proof of identity and tax credits, as expected, but all went smooth.
    Today was a good day ... I feel like a super saver already :)
  • What a great scheme for benefit fraudsters, nice little extra earner.

    Most genuine benefit claimants wont be able to save this amount!
  • What a great scheme for benefit fraudsters, nice little extra earner.

    Most genuine benefit claimants wont be able to save this amount!

    So everyone using this scheme is a benefit fraudster?
    I enjoy flower arranging, kittens, devil worship, the study of serial killers and their methods and road kill jigsaws.
  • harz99harz99 Forumite
    3.1K posts
    Part of the Furniture 1,000 Posts Home Insurance Hacker!
    ✭✭✭✭
    And why can pensioners not be included if their income is below a suitable limit?
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support