Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you save

Money, investing, mutuals etc
expressman33
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Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you save

Post by expressman33 » Thu Apr 12, 2018 8:34 pm

Thanks to nermand at HUKD
You can only open an account if you're receiving Working Tax Credit or Child Tax Credit.

Pay in up to £50 per month.

If you pay in £1,200 over 2 years and don't make any withdrawals, you will earn the bonus of £600. All bonus money is tax-free.

If you pay in £2,400 over 4 years and don't make any withdrawals, you will earn the highest possible bonus of £1,200. All bonus money is tax-free.
https://www.tax.service.gov.uk/help-to- ... lp-to-save

RonFlorabud
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Re: Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you sa

Post by RonFlorabud » Fri Apr 13, 2018 4:09 pm

What a great idea. Would love to find out the government payouts.

blythburgh
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Re: Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you sa

Post by blythburgh » Sat Apr 14, 2018 9:10 am

Save every week but do not get the qualilfying benefits but hope it can help some people.
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

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Re: Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you sa

Post by Boro Boy » Tue May 08, 2018 12:53 am

Unemployed, on low income - give us your money to lock up for 4 years and we'll give you some money back tax free (as it would be anyway!)

I bet all those rich low paid workers and highly paid unemployed are going to be queuing up for this government Save If You're Penniless Scheme...

What bright Government Bod thought this one up? :shock:
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Re: Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you sa

Post by parchedpeas » Tue May 08, 2018 6:19 am

Boro Boy wrote:Unemployed, on low income - give us your money to lock up for 4 years and we'll give you some money back tax free (as it would be anyway!)

I bet all those rich low paid workers and highly paid unemployed are going to be queuing up for this government Save If You're Penniless Scheme...

What bright Government Bod thought this one up? :shock:
It's to encourage saving, and it's an incredibly generous way to do it. Most people can save £5 a week here or there. Put £20 a month into this, and the government will give you half of it back in two years, shift that into a lifetime cash ISA and they'll top it up by another 25%, then continue saving for a further two years, get half back again and close the account, put the entire balance into said lifetime ISA and continue to save £5 a week for the rest of your days and you'll have a chunky little wodge of cash to help you when you hit 60.

£20 x 24 = £480
Government bonus = £240. Put this into lifetime ISA and they'll top it up to £300. You've now got £780 saved.
A further £20 x 24 = £480. Now the account expires. You've saved £960, the government give you a further £240, put the entire balance into a lifetime ISA, get 25% boost so that takes it to £1500, plus the £300 you've got in there already.

£1800 saved in 4 years for forgoing a fiver a week - you only actually pay in £960.

If it helps even a few people learn to save, then it will have achieved it's purpose, I think it's a brilliant idea to help the lower paid.
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AAAlphaThunder
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Re: Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you sa

Post by AAAlphaThunder » Tue May 08, 2018 6:39 am

parchedpeas wrote:
Boro Boy wrote:Unemployed, on low income - give us your money to lock up for 4 years and we'll give you some money back tax free (as it would be anyway!)

I bet all those rich low paid workers and highly paid unemployed are going to be queuing up for this government Save If You're Penniless Scheme...

What bright Government Bod thought this one up? :shock:
It's to encourage saving, and it's an incredibly generous way to do it. Most people can save £5 a week here or there. Put £20 a month into this, and the government will give you half of it back in two years, shift that into a lifetime cash ISA and they'll top it up by another 25%, then continue saving for a further two years, get half back again and close the account, put the entire balance into said lifetime ISA and continue to save £5 a week for the rest of your days and you'll have a chunky little wodge of cash to help you when you hit 60.

£20 x 24 = £480
Government bonus = £240. Put this into lifetime ISA and they'll top it up to £300. You've now got £780 saved.
A further £20 x 24 = £480. Now the account expires. You've saved £960, the government give you a further £240, put the entire balance into a lifetime ISA, get 25% boost so that takes it to £1500, plus the £300 you've got in there already.

£1800 saved in 4 years for forgoing a fiver a week - you only actually pay in £960.

If it helps even a few people learn to save, then it will have achieved it's purpose, I think it's a brilliant idea to help the lower paid.
So ALL of the tax I've been paying for years and years won't be returning to me a state-pension?

Fortunately I have a private pension but feel for those who are less fortunate. Life will be very difficult.
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pabenny
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Re: Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you sa

Post by pabenny » Tue May 08, 2018 7:01 am

parchedpeas wrote:If it helps even a few people learn to save, then it will have achieved it's purpose, I think it's a brilliant idea to help the lower paid.
This is a ludicrous scheme. If the household income is so low that you are eligible for WTC/UC, then it's highly unlikely that there is spare cash to save.

The resources spent on this would be far better utilised to make the benefits system less mean-spirited - like repealing the 2-child rule.
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myfyr
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Re: Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you sa

Post by myfyr » Sun Aug 12, 2018 10:44 pm

pabenny wrote:
parchedpeas wrote:If it helps even a few people learn to save, then it will have achieved it's purpose, I think it's a brilliant idea to help the lower paid.
This is a ludicrous scheme. If the household income is so low that you are eligible for WTC/UC, then it's highly unlikely that there is spare cash to save.

The resources spent on this would be far better utilised to make the benefits system less mean-spirited - like repealing the 2-child rule.
You qualify if you work and get no WTC but get some CTC. So families with 3 kids qualify even if they get £0 WTC and £1 CTC. Earnings up to about £35k (when CTC stops) qualify for this account.

expressman33
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Re: Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you sa

Post by expressman33 » Wed Oct 31, 2018 12:37 pm

This scheme is "live" now
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planteria
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Re: Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you sa

Post by planteria » Thu Nov 01, 2018 8:05 am

i've not looked at it carefully, but it's interesting in that it seems to go against the 'all out to support working people' approach. excluding those on WTC is surprising to me. the concept of UC, and the way that it clarifies the 'Better Off In Work' position, is certainly welcome. incentivising those same people to save would make sense.

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