Help to save scheme

1moishe

Can anyone advise me on this?
I have a Help to save that I opened 2 years ago and deposited £50 each month for 2 years so i  now have £1200 in the account. I just received my first bonus of £600. 
I will be continuing the scheme for another 2 years and will get another £600 in 2 years time. 
Can I withdraw the first £1200 from the account? Will I still get the next £600 in 2 years time as long as I continue to pay £50 per month for the next 2 years? 

Many thanks

Michael.

kuratowski

No, the second bonus is paid based on the difference between the highest balance in the account in the first 2 years and the highest balance in the account in the second 2 years.  So, if you withdraw the entire £1200 now, and then subsequently pay in a further £1200, then the difference would be £0, and therefore the second bonus would be £0.

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

Jami74

1moishe said:

Can I withdraw the first £1200 from the account? Will I still get the next £600 in 2 years time 

No. To get the next £600 bonus you need to leave the £1200 in there.
The terms are easy to read, they're linked to when you've logged in.