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Help to Save

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  • DandytfDandytf Forumite
    4.3K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    Forumite
    Website is fixed.
    Highest balance reached in years 1 and 2
    £850
    Bonus earned (50% of £850)
    £425
    Bonus paid from
    1 April 2020
    Replenished CRA Reports.2015 Zoe i nav -90-100 miles top charge. Savings continue.Faster Fibre has arrived albeit 1gb to 500mb.
  • losdemas2000losdemas2000 Forumite
    15 Posts
    Fifth Anniversary 10 Posts
    Forumite
    My bank account tells me that my bonus is pending and due in tomorrow. Relief and joy! HMRC website error message about the bonus is fixed, but still has error re: second bonus not due ("This is because you only have 23 months left and can only pay in £50 per month.") Clearly wrong, as year three has not yet commenced.  I imagine that this will go away when my first payment of YR 3 goes in later in the month.

  • DandytfDandytf Forumite
    4.3K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
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    I rec' my e-mail reply today.
    Your bonus payment will be paid on 08/04/2020 into your nominated bank account, and your bonus balance will be corrected once that payment is made.
    After HMRC acknowledged the temp website error.
    Replenished CRA Reports.2015 Zoe i nav -90-100 miles top charge. Savings continue.Faster Fibre has arrived albeit 1gb to 500mb.
  • edited 7 April 2020 at 4:36PM
    DandytfDandytf Forumite
    4.3K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    Forumite
    edited 7 April 2020 at 4:36PM
    My bank account tells me that my bonus is pending and due in tomorrow. Relief and joy! HMRC website error message about the bonus is fixed, but still has error re: second bonus not due ("This is because you only have 23 months left and can only pay in £50 per month.") Clearly wrong, as year three has not yet commenced.  I imagine that this will go away when my first payment of YR 3 goes in later in the month.

    Your second bonus isn't due and if you Manage to save 23*50 then that Final bonus is when years 3+4 finish.
    Not as generous as years 1+2 as it is highest balance from years 1+2 - Highest balance years 3+4
    So I had 850 highest balance from years1+2
    850 is minus my years 3+4 balance which If I ever  Manage say another 23*50=1150(years 3+4)-850(years 1+2)=300
    50% 150 pounds that's if I Manage another 23 50 pounds over next two years.

    After 4 years, you’ll get a final bonus if you continue to save. This bonus will be 50% of the difference between 2 amounts:

    • the highest balance saved in the first 2 years (years 1 and 2)
    • the highest balance saved in the last 2 years (years 3 and 4)
    Replenished CRA Reports.2015 Zoe i nav -90-100 miles top charge. Savings continue.Faster Fibre has arrived albeit 1gb to 500mb.
  • spennysafcspennysafc Forumite
    6 Posts
    Third Anniversary First Post
    Forumite
    Dandytf said:
    My bank account tells me that my bonus is pending and due in tomorrow. Relief and joy! HMRC website error message about the bonus is fixed, but still has error re: second bonus not due ("This is because you only have 23 months left and can only pay in £50 per month.") Clearly wrong, as year three has not yet commenced.  I imagine that this will go away when my first payment of YR 3 goes in later in the month.

    Your second bonus isn't due and if you Manage to save 23*50 then that Final bonus is when years 3+4 finish.
    Not as generous as years 1+2 as it is highest balance from years 1+2 - Highest balance years 3+4
    So I had 850 highest balance from years1+2
    850 is minus my years 3+4 balance which If I ever  Manage say another 23*50=1150(years 3+4)-850(years 1+2)=300
    50% 150 pounds that's if I Manage another 23 50 pounds over next two years.

    After 4 years, you’ll get a final bonus if you continue to save. This bonus will be 50% of the difference between 2 amounts:

    • the highest balance saved in the first 2 years (years 1 and 2)
    • the highest balance saved in the last 2 years (years 3 and 4)
    Hi Dandytf - if you did not withdraw your current balance of £850 and continue to save at a rate of 23 X £50  (=£1150) then your balance at end of year 4 will be £2000    your bonus will therefore be 50% of the £2000 (final balance) minus the £850 (highest balance years 1 and 2) which is 50% of the difference of £1150 meaning £575 bonus,  Key is just to take your bonus at end of year 2 and leave balance and continue to grow it.  Hope this helps
  • DandytfDandytf Forumite
    4.3K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    Forumite
    @spennysafc
    Disappointed you missed my 'New Rules' text in my Signature.
    Whilst your Maths area excellent, Aqua have almost 90% of my years 1+2 help to save bonus due to be paid to them.
    No complaints, genuine attempt to avoid any action from them as my crediting rating slowly improves.
    Help2save has been ideal to at least try and save every month.  
    There is some FCA talk of Persistent Debt Rules being on hold until October -doesn't change the fact I want to get interest each month below amount re paid (over 18 months).

    Replenished CRA Reports.2015 Zoe i nav -90-100 miles top charge. Savings continue.Faster Fibre has arrived albeit 1gb to 500mb.
  • Lou414Lou414 Forumite
    1 Post
    First Post
    Newbie
    Is this a one off savings scheme? Or can you re join after the four years are up, and start again? Thanks

  • WateryMattWateryMatt Forumite
    1 Post
    First Post
    Newbie
    Hi all,
    Anyone know if the minimum employment income of £604.56 for UC claimants counts the Self-Employed Grant? I'm guessing not as it's not really employment income, but as HMRC will count the grant towards my self-assessment income I wondered if perhaps there was chance they may for this purpose too...

  • Ed-1Ed-1 Forumite
    3.6K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    Forumite
    Lou414 said:
    Is this a one off savings scheme? Or can you re join after the four years are up, and start again? Thanks

    You can only open one Help to Save account ever.
  • JakeMMJakeMM Forumite
    42 Posts
    Tenth Anniversary 10 Posts Combo Breaker
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    To open this bank account, you must have an income of £604.56 in your last Universal Credit assessment (UC itself doesn't count towards the £604.56, it must be solely income from employment or self employment).

    For every £1 you earn, your UC payment reduces by 63p. So if you earn £649 or more, your Universal Credit payment is zero for that month.

    Are they basically saying my income must be exactly between £604.56 and £649 to apply for this account (because they want me to be claiming UC) - that seems like a very narrow window to hit! 

    Or, say I earn £1000 one month and nothing the next month. It means I have zero UC for one assessment period and then £409 for the next assessment period. Can I apply in this scenario?
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