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Help to Save

amy04029
Posts: 7 Forumite

Totally new here but hoping someone with some knowledge can help me, I opened a gov help to save 2 years ago, deposited 2 lots of £50, ended up withdrawing it and completely forgot about it and today have had a very nice £50 bonus.
I'm now in a position to be able to save £50 a month for the remaining 2 years it is open for but not really understanding how the bonus is paid for the remaining 2 years and wondering if it's really worth doing now as from what I can gather the bonus from years 3 and 4 is much smaller than the bonus from years 1 and 2.
So to clarify, years 1 and 2 my maximum balance was £100, years 3 and 4 I would like to start saving the maximum £50 a month until March 2022.
What will be my final bonus following the criteria? Because from what I'm reading it's also based on years 1+2 savings which were basically nothing.
Help please.
Thank you
I'm now in a position to be able to save £50 a month for the remaining 2 years it is open for but not really understanding how the bonus is paid for the remaining 2 years and wondering if it's really worth doing now as from what I can gather the bonus from years 3 and 4 is much smaller than the bonus from years 1 and 2.
So to clarify, years 1 and 2 my maximum balance was £100, years 3 and 4 I would like to start saving the maximum £50 a month until March 2022.
What will be my final bonus following the criteria? Because from what I'm reading it's also based on years 1+2 savings which were basically nothing.
Help please.
Thank you
0
Comments
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It's 50% of the difference between your highest balance in years 1 and 2 (£100) and your highest balance in years 3 and 4.0
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Sorry to be dumb but could you clarify what I will receive in April 2022. I intend to save £50 for the remainder of the duration (23 months) so what will I receive at the end? I saved £100 in the first 2 years and £1150 in years 3 and 4.
Thank you for your time
0 -
amy04029 said:Sorry to be dumb but could you clarify what I will receive in April 2022. I intend to save £50 for the remainder of the duration (23 months) so what will I receive at the end? I saved £100 in the first 2 years and £1150 in years 3 and 4.
Thank you for your time0 -
Ah so definitely worth continuing then.
Thank you very much for your time :-)0
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