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  • So I must live under a rock and hadn’t heard of this before! I’ve opened an account now. Trying to decide how to best fund it on a very tight budget. I currently pay £50 a month into a regular saver account which is my ‘emergency fund’. Do I switch that to Help to Buy instead? The problem is I do need to withdraw from this sometimes. I pay into other savings but this is like a ‘cash envelope’ system where I will need that money, e.g. Christmas or annual subscriptions.
  • olgadapolga
    olgadapolga Posts: 2,327 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    So I must live under a rock and hadn’t heard of this before! I’ve opened an account now. Trying to decide how to best fund it on a very tight budget. I currently pay £50 a month into a regular saver account which is my ‘emergency fund’. Do I switch that to Help to Buy instead? The problem is I do need to withdraw from this sometimes. I pay into other savings but this is like a ‘cash envelope’ system where I will need that money, e.g. Christmas or annual subscriptions.
    You can withdraw the money but it will reduce your bonus.
  • Intastella
    Intastella Posts: 201 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Hello,
    I've recently been awarded the LCWRA element on UC. I opened a help-to-save acct before I lost my job and I'm coming up to my first payout date. Will it affect my benefit payment for that month?
  • NedS
    NedS Posts: 4,523 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    Hello,
    I've recently been awarded the LCWRA element on UC. I opened a help-to-save acct before I lost my job and I'm coming up to my first payout date. Will it affect my benefit payment for that month?

    The bonus payment is not treated as income, but it does count towards your capital, so it would only affect your UC if it were to take your combined capital over £6,000 (or £16,000)
  • Intastella
    Intastella Posts: 201 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    NedS said:
    Hello,
    I've recently been awarded the LCWRA element on UC. I opened a help-to-save acct before I lost my job and I'm coming up to my first payout date. Will it affect my benefit payment for that month?

    The bonus payment is not treated as income, but it does count towards your capital, so it would only affect your UC if it were to take your combined capital over £6,000 (or £16,000)
    Well I'm a long way off that so hopefully I'll be ok!

    Thank you 😊
  • jsrose
    jsrose Posts: 59 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    So I’m coming up to the end of year 4 and awaiting my bonus.  I’ve also managed to save quite a lot in the account having made no withdrawals- so what happens now?  Can i continue with the scheme for another 2 years - years 5 and 6?  Or has it ended?
  • NedS
    NedS Posts: 4,523 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    jsrose said:
    So I’m coming up to the end of year 4 and awaiting my bonus.  I’ve also managed to save quite a lot in the account having made no withdrawals- so what happens now?  Can i continue with the scheme for another 2 years - years 5 and 6?  Or has it ended?
    Unfortunately there is no option to continue any further. Your balance and bonus will be paid out to your linked bank account and your Help 2 Save account will be closed

  • Hi, I've received the email from HMRC about my Help to Save account being about to end so checked the balance as I've done regularly throughout.  When I last checked my Bonus was standing at £600 for the 3rd/4th year but looking today its showing as zero and says "To get a final bonus, you had to pay in enough money so your highest balance between 1 September 2020 and 31 August 2022 was more than £1650.

    In the time left you won’t be able to grow your savings so they are more than £1650. This was your highest balance between 1 September 2018 and 31 August 2020.This is because you only have 0 months left and can only pay in £0 per month."

    I am hoping this is a glitch because the bonus payment is in transit to me (I believe its due any day now) - as my highest balance between the two dates mentioned was £450 whereas its £1650 now.

    Having a few sweats about this - waiting for the helpline to open at 10am!  Anyone else noticed this happen?

  • Ok apparently this is a glitch on the system .... bonus will be paid on 4th working day of the month which is Tues 6th Sept and should be received in to bank account between 6-13th Sept. Phew £600 bonus is alot to lose.

    Should add that the call centre telephone line seems a bit weird, it hung up on me twice.
  • kty207
    kty207 Posts: 12 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Hi joining HTS late in the game I’ve just made my last payment for yrs 1 & 2 on the 1st Feb. So getting my head around it am I right in thinking my bonus will arrive sometime after 6 March but maybe before mid March?
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