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Help to Save

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  • Hello,
    I receive Child tax Credit but not Working Tax Credit. I can't decide whether I'm eligible or not. What does 'entitled to receive' actually mean?
    Thank you
  • Yboniface wrote: »
    Hello,
    I receive Child tax Credit but not Working Tax Credit. I can't decide whether I'm eligible or not. What does 'entitled to receive' actually mean?
    Thank you

    If you try to make an account it will tell you if you're eligible.
  • Thank you, I'll give it a go.
  • edited 25 January 2020 at 4:27PM
    NedSNedS Forumite
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    edited 25 January 2020 at 4:27PM
    Yboniface wrote: »
    Hello,
    I receive Child tax Credit but not Working Tax Credit. I can't decide whether I'm eligible or not. What does 'entitled to receive' actually mean?
    Thank you

    Why are you not receiving Working Tax Credit? Is it because you are not working or because you are earning too much?

    If you are not receiving (or entitled to receive) working tax credits then you are not eligible for Help to Save scheme. It appears to be exclusively for those in work. I guess the assumption is that if you are not in work you probably can not afford to save anything so you won't be missing out.

    https://www.gov.uk/get-help-savings-low-income/eligibility


    I think "entitled to receive" working tax credits means you are working and entitled to receive working tax credits, but the amount of WTC you actually receive has been reduced to zero due to your earnings (WTC gets reduced by the earnings taper first, and then CTC).
  • Westie983Westie983 Forumite, Ambassador
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    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.

    Mines not till April but it does say that they will pay into the bank account on or around the 1st of the month 2 years after its been opened. I didn't realise you could have opened one before April 2018?

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2022 #18 Total (£4500.00) £0.00/£5000 = 0.00%
    Sealed Pot Challenge ~16 #24 Total (£300.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £0.00/£365 = 0.00%
    Virtual Sealed Pot #1 Total (£500) £50.00/£500 = 10.00%
    £2 Savers Club 2022 #8 Total (£25.00) £0/£300 = 0.00%
    The 365 1p Challenge 2023 #7 Total £50.19/£365 = 13.75%
    Total £100.19/£7030 = 1.42%
  • Westie983Westie983 Forumite, Ambassador
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    Reading the article - I have one question, If I continue to save for years 3 & 4, without taking any money out I will save another £1200, but years 3 & 4 is bonus is paid on the highest balance over your highest balance from years 1 & 2 so what will be bonus be in year 4? as its the same amount in saved in year 1 & 2 then I will save in year 3 & 4. I can't withdraw any money as then the balance in the account will be the same as it was in year 1 & 2 (£1200) and would get no bonus at all.

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2022 #18 Total (£4500.00) £0.00/£5000 = 0.00%
    Sealed Pot Challenge ~16 #24 Total (£300.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £0.00/£365 = 0.00%
    Virtual Sealed Pot #1 Total (£500) £50.00/£500 = 10.00%
    £2 Savers Club 2022 #8 Total (£25.00) £0/£300 = 0.00%
    The 365 1p Challenge 2023 #7 Total £50.19/£365 = 13.75%
    Total £100.19/£7030 = 1.42%
  • NedSNedS Forumite
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    Westie983 wrote: »
    Reading the article - I have one question, If I continue to save for years 3 & 4, without taking any money out I will save another £1200, but years 3 & 4 is bonus is paid on the highest balance over your highest balance from years 1 & 2 so what will be bonus be in year 4? as its the same amount in saved in year 1 & 2 then I will save in year 3 & 4. I can't withdraw any money as then the balance in the account will be the same as it was in year 1 & 2 (£1200) and would get no bonus at all.

    Westie983


    Correct, view it as a 4 year saving scheme that pays a bonus after 2 and 4 years. If at any point during the 4 year term you withdraw money you will receive a lower bonus as a result (either at year 2 or year 4).
  • SweetPotatoPieSweetPotatoPie Forumite
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    Why have I never heard of this account??? My tax credits are due to stop in March so just opened one! Thanks!
  • Well I applied as advised and opened an account. So it would appear that I am entitled to WTC although I don't receive it. I think you are correct NedS that my WTC has reduced to zero but I still receive CTC. Pretty confusing! Thanks for the help all.
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