New Help to Save Account

Cheesybiscuit1

My help to save account finished last month after the full four years and I have all the funds and bonus but it states you cannot open another. Does anyone know why this is? it is a great saving tool and obviously, the government benefit from everyone saving with them.

friolento

It is indeed a great savings tool as it is heavily subsidised by Government (with taxpayer money, obviously). It is designed to get people into a savings habit over a period of 4 years. There are great Regular Saver accounts which you can consider into which you can save between £25 and £1,000 a month. These accounts usually run for 1 year, after which you can start another one with the same provider. You can have any number of such accounts at different providers. Have a look in the Regular Saver thread for what’s available.
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list

Government is limiting Help To Save to a once in a lifetime offer for a select group of people. Because it is a very generous offer, it costs Government (the taxpayer) a lot of money. It can, and does, raise massively more money at massively cheaper cost to the taxpayer, through NS&I offerings and through Gilts.

marcia_

Cheesybiscuit1 said:

My help to save account finished last month after the full four years and I have all the funds and bonus but it states you cannot open another. Does anyone know why this is? it is a great saving tool and obviously, the government benefit from everyone saving with them.

 Do you have a partner? They can open account themselves if you do 

SirSteven1986

Cheesybiscuit1 said:

My help to save account finished last month after the full four years and I have all the funds and bonus but it states you cannot open another. Does anyone know why this is? it is a great saving tool and obviously, the government benefit from everyone saving with them.

What was the full figure after 4 years saving £50 per month if don’t mind me asking just opened one myself 4 years seem along way off prob just do the 2 🤷‍♂️

strawb_shortcake

SirSteven1986 said:

Cheesybiscuit1 said:

My help to save account finished last month after the full four years and I have all the funds and bonus but it states you cannot open another. Does anyone know why this is? it is a great saving tool and obviously, the government benefit from everyone saving with them.

What was the full figure after 4 years saving £50 per month if don’t mind me asking just opened one myself 4 years seem along way off prob just do the 2 🤷‍♂️

After 4 years you'll have £2400, you'll get a £600 bonus at the 2 year point assuming you put £50 away every month. My Husband and I both have one, and we'll receive £6k in total come September which I'm planning to put towards a big family holiday - unless my OH remembers about it, in which case £3k will be going to a new motorbike!!