Thanks to those who participated in our 'Ask An Expert: Scams' event. Scam expert MSE Katie's video answers are available to watch on the board now.

Help to Save

15791011

Replies

  • Mmljztaa6Mmljztaa6 Forumite
    1 Post
    First Post
    Newbie
    So I've  been saving and on the hmrc help to save it said i was due my first help to save bonus on sept 1st 2020 and so after the 2nd sept and sti no bonus in my bank account i checked the site my bonus is not showing and says its because my bonus has been paid and to expect it in my bank account which can take upto 10 days its now day 7 and still not in before it was due it said it would be paid the 1st I'm just not getting why its taking so long for hmrc to pay it to me when i can transfer money instantly to another account or person.
    Not happy with the wait 

  • [Deleted User][Deleted User] Forumite
    0 Posts
    Part of the Furniture 100 Posts
    Newbie
    Mmljztaa6 said:
    So I've  been saving and on the hmrc help to save it said i was due my first help to save bonus on sept 1st 2020 and so after the 2nd sept and sti no bonus in my bank account i checked the site my bonus is not showing and says its because my bonus has been paid and to expect it in my bank account which can take upto 10 days its now day 7 and still not in before it was due it said it would be paid the 1st I'm just not getting why its taking so long for hmrc to pay it to me when i can transfer money instantly to another account or person.
    Not happy with the wait 

    I had mine in January or February but it gets paid around the 10/11th. I had an email after it was paid to that effect !
  • edited 8 September 2020 at 8:21AM
    DandytfDandytf Forumite
    4.3K Posts
    Ninth Anniversary 1,000 Posts Name Dropper
    Forumite
    edited 8 September 2020 at 8:21AM
    OP
    h2save bonus e-mail rec' 28 Feb -to be paid in 8th April,
    Which should give you an idea of a few days patience required.
    Replenished CRA Reports.2015 Zoe i nav -90-100 miles top charge. Savings continue.Faster Fibre has arrived albeit 1gb to 500mb.
  • cwaccwac Forumite
    1 Post
    First Post
    Newbie
    What happens to the account at the end of the 4 years? Does it automatically close and transfer money to your account that interest is paid in to?
  • NedSNedS Forumite
    2.9K Posts
    1,000 Posts Third Anniversary Name Dropper
    Forumite
    cwac said:
    What happens to the account at the end of the 4 years? Does it automatically close and transfer money to your account that interest is paid in to?
    Yes, the bonus and savings are paid out to the linked bank account and the account is closed.
  • cooldude255220cooldude255220 Forumite
    1.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    So (as far as is relevant to me), to be eligible for a Help to Save Account, I would have to be "claiming Universal Credit and your household earned £604.56 or more from paid work in your last monthly assessment period".

    I get £342.72/month UC.

    If I were to earn £604.56, then £380.87 would be deducted from my claim, leaving me with £0 entitlement.

    Whilst I have no income from work, I'm therefore not eligible to open an account. Once I start work, and earn over the the Help to Save threshold, I will not be entitled to UC. I am therefore assuming that I won't be able to open a Help to Save account. 

    I just want to double check that there won't be a window of entitlement where, after my first earnings, I would be able to open an account?
  • MovingForwardsMovingForwards Forumite
    16.1K Posts
    10,000 Posts Fourth Anniversary Name Dropper Photogenic
    Forumite
    @cooldude255220 have you run numbers through entitled to? As I've just done that and if you are in a rental you would still receive UC, if you owned your own home you would receive a small amount of UC.
  • cooldude255220cooldude255220 Forumite
    1.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    @cooldude255220 have you run numbers through entitled to? As I've just done that and if you are in a rental you would still receive UC, if you owned your own home you would receive a small amount of UC.
    I'm living with parents currently, so I don't get any housing entitlement. Thank you anyway! 
  • HoggletHogglet Forumite
    8 Posts
    Fourth Anniversary First Post
    Newbie
    I think I know the answer to my question but just want to make sure. Here goes
    £50 saved per month = £1200 with £600 bonus for years 1 & 2
    £50 saved per month = £1200 but if I was to withdraw £600 from the initial £1200 saved (in addition to the £600 bonus) would I still receive a £600 bonus at the end of years 3 & 4 as the difference between the highest balance would still be £1200.

    Thank you

  • Hogglet said:
    I think I know the answer to my question but just want to make sure. Here goes
    £50 saved per month = £1200 with £600 bonus for years 1 & 2
    £50 saved per month = £1200 but if I was to withdraw £600 from the initial £1200 saved (in addition to the £600 bonus) would I still receive a £600 bonus at the end of years 3 & 4 as the difference between the highest balance would still be £1200.

    Thank you

    If you withdraw an extra £600 then ...

    Balance at end of year 1 and 2 is £1200

    You withdraw an extra £600 and pay in another £1200 your balance at the end is £1800.

    The growth is £1800 - £1200 = £600 so the bonus at the end of year 4 is £300 (you lose the bonus on the extra £600 withdrawn).
Sign In or Register to comment.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 this Saturday

MSE News

Preparing for summer

What MoneySaving things can you do now to get ready?

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals