Help to Save Account

Mory

I just wanted to check if i'm interpreting this correctly.

In years 1 and 2 of Help to Save if I saved the maximum 1,200 I will recieve a 600 bounus.  

However in years and 3 and 4 they only pay out the bonus on the difference between your 1 and 2 years maximum balance and years 3 and 4 balance.  So if you saved the max in years 1 and 2.  Which is 1,200 and then saved 1,200 in years 3 and 4 (or indeed less) you would recieve no bonus as there is no difference between your maximum balances for those 2 periods. 

Is that correct?  If so theres not much point in continuing saving in years 3 and 4? 
Although it says the maximum bonus over 4 years is £1,200 (600 x 2).

1stTimer

I believe it’s year 2 they pay you £600 and then again in year 4 if you save the max monthly £50

francoghezzi

If you carry on saving £50 a month in year 3 and 4 also in the end you receive other £600 on top of the £600 you had at the end of year 2 (this providing you don't take out any money of course).

Jami74

Mory said:

However in years and 3 and 4 they only pay out the bonus on the difference between your 1 and 2 years maximum balance and years 3 and 4 balance.  So if you saved the max in years 1 and 2.  Which is 1,200 and then saved 1,200 in years 3 and 4 (or indeed less) you would recieve no bonus as there is no difference between your maximum balances for those 2 periods. 

You need to leave the £1200 in there from years 1 and 2, and continue to save. At the end of the 4 years you get another £600 bonus plus the £2400 that you saved.

ivtechcivic

After first 2yrs, you get the bonus pay, but make sure you don't take out the initial money you had been putting into. 
And after 4yrs (remaining 2yrs), you get paid the bonus and get your accumulated money. 

Mory

Thanks all

This Is what I thought orginally but read something else the smorning that made me doubt it.  Thanks for the replies.