Help to Save - for anyone on wtc or utc

justjohn

Help to Save - for anyone on wtc or utc


Unsure how I missed this one.


no brainer for anyone on wtc or utc with some spare cash or savings.


https://www.gov.uk/government/news/lifetime-isa-and-help-to-save-boost-for-savers-as-key-schemes-become-law

eskbanker

Explained in more detail at https://www.moneysavingexpert.com/savings/help-to-save/

and covered in various threads over the last couple of years (but agreed, not particularly prominently), such as:
https://forums.moneysavingexpert.com/discussion/5894142/savings-scheme-for-those-on-low-incomes-gives-up-to-1-200-bonus-mse-news
https://forums.moneysavingexpert.com/discussion/5430224/mse-news-help-to-save-scheme-to-offer-1-200-bonus-to-low-paid-workers
https://forums.moneysavingexpert.com/discussion/5827120/help-to-save-now-open-when-its-worth-it-and-when-it-isnt

justjohn

I spotted it on the first link.(only just noticed it this week lol)

Afraid_of_Kittens

My wife received a small amount of tax credits - I signed up last September - it is a no brainer. Next September I will get my first free £600. I pay by standing order either £12.50 or £10 per week (depending on the number of Fridays in the week).

A massive 96% of people eligible for Help to Save have failed to sign up to it!

eskbanker

Afraid_of_Kittens wrote: »

I pay by standing order either £12.50 or £10 per week (depending on the number of Fridays in the week)

I think you'll find that every week has exactly one Friday!

Afraid_of_Kittens

eskbanker wrote: »

I think you'll find that every week has exactly one Friday!

*month

Mojisola

justjohn wrote: »

Help to Save - for anyone on wtc or utc

Universal Credit - Only if your household earned £569.22 or more from paid work in your last monthly assessment period

justjohn

Afraid_of_Kittens wrote: »

My wife received a small amount of tax credits - I signed up last September - it is a no brainer. Next September I will get my first free £600. I pay by standing order either £12.50 or £10 per week (depending on the number of Fridays in the week).

A massive 96% of people eligible for Help to Save have failed to sign up to it!

And they don't stop you saving if you no longer qualify for wtc. As long as you start it while on wtc it continues.

Afraid_of_Kittens

justjohn wrote: »

And they don't stop you saving if you no longer qualify for wtc. As long as you start it while on wtc it continues.

Exactly - now earn too much for tax credits. Still saving for my free money