Help to Save NOW OPEN: when it's worth it, and when it isn't!

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  • george4064 wrote: »
    I’m being my cautious self here, but that link looks kind of suspicious/phishing to me....

    why? its a gov.uk address?

    if you go there and check the site certificate (in chrome, click on the left of the web address, where it says HM Revenue & Customs), you'll see its a good certificate issued to HMRC

    When you apply for it or sign in after making it you need to enter your Government Gateway credentials, which only the gov't knows (I hope) - try entering them wrong and see if you get caught out, if its a scammer it won't know its wrong

    So unless HMRC has changed from general meanness to outright scamming I'd've thought you're OK!

    You can always ring them up if you're still concerned... always good to be cautious but can't see any problem here
  • Zanderman
    Zanderman Posts: 4,643
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    edited 15 April 2018 at 7:47AM
    AFAIK they are open for everyone now. I opened accounts for my wife and I yesterday successfully online. Which is why I crunched the numbers.

    The government website clearly states these are for people getting tax credits.

    What makes you think they are open for everyone?

    I'm quite prepared to believe anyone can apply and open one (edit actually this is not the case - see my post below), but I assume those who are ineligible will have their accounts closed in due course, (or worse, pay in regularly but get no bonus at the end)

    Please give a link to evidence this is open for all, otherwise it clearly isn't.
  • Zanderman
    Zanderman Posts: 4,643
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    edited 15 April 2018 at 7:48AM
    And, to follow up my post above, I've just logged into Government Gateway via the Help to Save application link and I instantly get....
    You're not eligible for a Help to Save account

    So, these are NOT open to everyone (and, btw, my income is definitely low!).

    They are only open to those getting tax credits.
  • Dandytf
    Dandytf Posts: 4,795
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    AFAIK they are open for everyone now. I opened accounts for my wife and I yesterday successfully online. Which is why I crunched the numbers.

    I know MSE hasn't reported this yet, or most places, but HUKD has, I find they're normally a bit quicker off the mark - see https://www.hotukdeals.com/deals/help-to-save-account-govuk-pay-in-up-to-50-per-month-up-to-50-bonus-on-the-money-youve-paid-in-2924757, there are a lot of people there who report successfully opening accounts.

    To apply just follow the link there, or go straight here https://www.tax.service.gov.uk/help-to-save/apply.

    I want to open an account where is the open link please
    I pass this part-entitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit payments
    Excellent find OP
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • Zanderman
    Zanderman Posts: 4,643
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    Dandytf wrote: »
    I want to open an account where is the open link please
    Er, it's in the post you quoted....
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    Help to Save is not open to everyone. It is currently in a trial phase.

    It will, from October, be available to those
    • in receipt of WTC or
    • WTC with a nil rate and CTC or
    • on universal credit with earnings of at least equivalent to 16 hours a week at the national living wage rate.

    The regulations exempt the government from having a duty to pay a bonus on Help to Save accounts opened before 16 October 2018 except where they are an eligible participant in the trial.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • Dandytf
    Dandytf Posts: 4,795
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    Thanks mser's
    Project save for a change is started since this help to save advice!
    Account open 1st debit card payment made -haven't found Dd or SO links yet though I could setup a regular payment via mobile banking.
    Very happy -Your payment has been accepted.
    We advise keeping your paye thanks details-cant remember exactly
    What a fine OP-this gives the UK a serious offer to save
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • Dandytf
    Dandytf Posts: 4,795
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    edited 15 April 2018 at 8:40AM
    I'm confused my account is open 50 paid in which I can view-+25 bonus added.
    Withdrawals are online-where is the withdraw option?
    E.g. You'll get 50% of your highest balance between 1 April 2018 and 31 March 2020 - for your first tax-free bonus. Even if you make withdrawals.

    Your first bonus will be paid into your UK bank account from 1 April 2020.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
  • stoozie1
    stoozie1 Posts: 656 Forumite
    Do you mean after 2 years (and again after 4 years) when the £600 bonus is paid, that that payment will reduce Tax Credits (or Housing Benefit for those in receipt of that as well)?

    I am saying that tax credits in the year of receipt of the bonus will reduce, as it will count as 'other income'. My withdrawal rate is 41%, YMMV :)
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- £560 April £2670
  • Dandytf
    Dandytf Posts: 4,795
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    stoozie1 wrote: »
    I am saying that tax credits in the year of receipt of the bonus will reduce, as it will count as 'other income'. My withdrawal rate is 41%, YMMV :)

    Can you help advise how to withdraw if I require as I only see close account.
    Is it possible to make partial withdrawals
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
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