Help to Save

edited 30 November -1 at 1:00AM in Savings & Investments
83 replies 9.9K views
Former_MSE_RosieFormer_MSE_Rosie Former MSE
105 Posts
I've been Money Tipped! Newshound! Best Buy Bear
edited 30 November -1 at 1:00AM in Savings & Investments
Hi!

This is the discussion thread for the

Help to Save guide.


Click reply below to discuss. If you haven't already, join the forum to reply.


Thanks folks,

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Replies

  • Hi
    To be eligible for Help to Save if receiving Universal Credit it says:
    “Claiming universal credit and have an individual/household income from employment of £542.88 or more for the last monthly assessment period.”

    Does that mean only in the month you apply for HtoS account do you have to earn over that and then you could earn nothing for the 4 years. Or does it mean for every month you save you must earn over £542.88?
    Thanks
  • I have a similar question - does the £542.88 have to be strictly EMPLOYMENT income, or can it be self-employment? If it counts all earnings I'm fine, but if it's only employment earnings, I'm ineligible.

    I suspect SE might be excluded 🙁 Universal Credit seems to loathe self-employment and want to push us all into 'proper' employment by fair means or foul.
  • Chrismcm86Chrismcm86 Forumite
    3 Posts
    First Anniversary
    MoneySaving Newbie
    Could I pay £1,200 into the account, then withdraw it a week later, then at the end of the 2 years get the £600 bonus as technically £1,200 was the highest balance in the account?
  • Ed-1Ed-1 Forumite
    3.5K Posts
    Eighth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    Chrismcm86 wrote: »
    Could I pay £1,200 into the account, then withdraw it a week later, then at the end of the 2 years get the £600 bonus as technically £1,200 was the highest balance in the account?

    No as the limit is £50 per month
  • xajcxxajcx Forumite
    2 Posts
    Hi if you withdraw funds can you pay this back in or limited to the £50 per month ?
    Thanks
  • NedSNedS Forumite
    1.4K Posts
    1,000 Posts Second Anniversary Name Dropper
    ✭✭✭
    xajcx wrote: »
    Hi if you withdraw funds can you pay this back in or limited to the £50 per month ?
    Thanks


    No, contributions are limited to £50/month. The bonus is paid at 50% of your highest balance during the 2 year period. So if you want to achieve the maximum bonus, you need to pay in £50 every month and not withdraw anything.
  • Good morning,



    My circumstance have changed. I am no longer in receipt of benefits apart from child benefit. I can still put money in the account. But I am still elligible for the bonus ? I have been saving for over a year now. It doesn't say anything in my account or the thread about the bonus itself.
  • stehoukstehouk Forumite
    404 Posts
    Third Anniversary 100 Posts
    ✭✭
    Andronyme wrote: »
    Good morning,



    My circumstance have changed. I am no longer in receipt of benefits apart from child benefit. I can still put money in the account. But I am still elligible for the bonus ? I have been saving for over a year now. It doesn't say anything in my account or the thread about the bonus itself.

    What happens if I stop being eligible for Tax Credits or Universal Credit?

    Nothing. If you were eligible and opened a Help to Save account, it will stay open for the full four-year period. You only have to be eligible on the day you apply.

    Qoute from the money advice service website, so i assume the bonus will be paid.
  • stehoukstehouk Forumite
    404 Posts
    Third Anniversary 100 Posts
    ✭✭
    Anyone else had their bonus email yet ?
    Our bonus payment £600 each to be paid 1st february into our accounts, nice start to 2020.
  • Afraid_of_KittensAfraid_of_Kittens Forumite
    342 Posts
    100 Posts Second Anniversary Combo Breaker
    ✭✭
    stehouk wrote: »
    Anyone else had their bonus email yet ?
    Our bonus payment £600 each to be paid 1st february into our accounts, nice start to 2020.

    You must have been one of the lucky 45,000 who took part in the pilot scheme before it was rolled out nationwide in September 2018. Won't get my bonus until September 2020.
    I enjoy flower arranging, kittens, devil worship, the study of serial killers and their methods and road kill jigsaws.
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