Help to Save

Hello i am in a two thoughts what to do. My family receive working tax credits only and entitled to get help to save account. But in a situation of having some saving due to a inheritance and can save ok each month. So do we get a help to save account or do we not as my thought is just because we are entitled to get one is it right to.
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  • I was in a similar situation to yourself and did give it some thought as to whether it was right too. I decided to go for it and opened an account for both my Husband and myself, my thinking was I don't know what the future holds or what sort of help my children will need with university costs for example.

    Also, I take the tax credits every 4 weeks so I can't see the point in taking the moral high ground on the HTS account, if I was that troubled by it then I would/should have stopped my tax credit claim.
    In my case it wasn't inheritance that led to us having substantial savings but down to a critical illness payment for my Husband so in that respect I do have other reasons in trying to finance proof our future 
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  • Alexland
    Alexland Posts: 9,639
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    Razz said:
    my thought is just because we are entitled to get one is it right to.
    I wouldn't let this bother you too much. If you qualify to get the account and it meets your needs then go for it. Pretty much everyone at every income and wealth level is doing the best things for their own interests. If the government wanted to be stricter on who should be getting the benefit of this scheme they would tighten the criteria to exclude you but they haven't so it's fine.
  • Dandytf
    Dandytf Posts: 4,786
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    Not a lot of time to enjoy Help2Save.
    Unless it's been changed, I think it was due to end 2024.
    Good luck OP, don't see any  reason for not applying.
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  • miss-tified
    miss-tified Posts: 41
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    Help to Save qualification criteria: Receive universal credit and have had employment income of £617.73+/mth in the last monthly assessment period.
    I'm self employed and my previous losses are carried forward month by month.
    I'm also allowed to earn £335 per month without it affecting my UC benefit
    I understand that "income" excludes "expenses" but are previous losses taken into account for calculation of "income"?
    Example: if my income is £617.73 in the last monthly assessment period, and my monthly earnings allowance is £335, is my UC benefit then reduced by "income" of £282.73 x £0.55, or are my previous losses taken into account thereby changing the calculations?
    Any help appreciated.
  • Bizzywizard
    Bizzywizard Posts: 216
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    Individuals can open a Help to Save account if any of the following applies. They are:

    • receiving Working Tax Credit
    • entitled to Working Tax Credit and receiving Child Tax Credit
    • claiming Universal Credit and they (with their partner, if it’s a joint claim) earned £604.56 or more from paid work in their last monthly assessment period

    Eligible individuals can set up a Help to Save savings account at any time until September 2023. Accounts are open for 4 years and individuals can make deposits as many times as they like, without going over the monthly saving limit of £50.

  • Daliah
    Daliah Posts: 3,792
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    If you are legally entitled to something, take it.
  • carl.waring
    carl.waring Posts: 117
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    edited 1 November 2022 at 10:49PM
    Thought I'd use an existing thread. Hope that's okay.

    With this scheme, does the "take-home pay" eligibility requirement include or exclude benefits?

    If it doesn't then I am just below the requirement which is really annoying.

    Thanks. 

    Individuals can open a Help to Save account if any of the following applies. They are:

    • receiving Working Tax Credit
    • entitled to Working Tax Credit and receiving Child Tax Credit
    • claiming Universal Credit and they (with their partner, if it’s a joint claim) earned £604.56 or more from paid work in their last monthly assessment period

    Eligible individuals can set up a Help to Save savings account at any time until September 2023. Accounts are open for 4 years and individuals can make deposits as many times as they like, without going over the monthly saving limit of £50

    It's now £658.64

  • NedS
    NedS Posts: 3,519
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    edited 2 November 2022 at 6:45AM
    Thought I'd use an existing thread. Hope that's okay.

    With this scheme, does the "take-home pay" eligibility requirement include or exclude benefits?

    If it doesn't then I am just below the requirement which is really annoying.

    Thanks. 

    Individuals can open a Help to Save account if any of the following applies. They are:

    • receiving Working Tax Credit
    • entitled to Working Tax Credit and receiving Child Tax Credit
    • claiming Universal Credit and they (with their partner, if it’s a joint claim) earned £604.56 or more from paid work in their last monthly assessment period

    Eligible individuals can set up a Help to Save savings account at any time until September 2023. Accounts are open for 4 years and individuals can make deposits as many times as they like, without going over the monthly saving limit of £50

    It's now £658.64

    It excludes benefits. From the current GOV.UK guidance:

    You can open a Help to Save account if you’re receiving:

    • Working Tax Credit
    • Child Tax Credit – and you’re entitled to Working Tax Credit
    • Universal Credit and you (with your partner if it’s a joint claim) had take-home pay of £658.64 or more in your last monthly assessment period

    Your take-home pay is your pay after deductions (such as tax or National Insurance).

    So it's from earned income as highlighted above, and note it's take home pay, after deductions for tax, NI and pension contributions. In other words, it's the earnings that are taken into account when calculating your UC entitlement in that AP.
    Note you only have to be eligible at the time you apply, so meet the requirement in any one AP, apply and you will be eligible. They will check your last completed AP when determining eligibility.


  • Okay. Didn't see that bit. Thanks. 😳😠
  • Samart_2
    Samart_2 Posts: 2
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    Hi All. I opened a help to save and for 2 years saved the maximum of £50 per month.  When I waited for the first "£600" interest to land in my bank account I was disheartened to find that £25 had been deducted! I can only think this was because it was transferred into my account using a CHAPS/BACS transfer and the Bank took the money??? Where did the £25 go? Am I able to get it back? What happens in 2 years time when I am due the interest on the next two years of saving?, will that have another £25 taken away from me? I think this is unacceptable, I would rather receive a cheque and not have to pay £25 especially when I was in no rush to receive it! Can anyone help, save me from paying another CHAPS/BACS next time? 
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