Help to Save

Financial Chat
1

I just wanted to share that the government Help to Save scheme offers amazing savings for those receiving working tax credit or child tax credit.

You can save up to £50.00 a month, and after 2 years receive a bonus of 50% of the highest balance (so potentially a bonus of £600 for saving £1,200). You can repeat this for another 2 years, for a total bonus of £1,200 on saving £2,400 over the 4 years.

This massively beats any high interest savings, so if you’re eligible it’s a great choice for saving. It’s currently in limited trial and being rolled out throughout this year.

It is per individual, and not per household, as well. So if you and your partner are eligible for tax credits, you can both open a Help to Save account and double the rewards.

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2

Ignore initial reply, missed a line :joy:

It does sound really good, about time

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Not eligible but thanks for sharing - positive to see the incentives.

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That’s a great scheme (I’m not eligible).

I would probably go so far as to say it should be income-related. A lot of people I know on very low incomes don’t qualify for benefits but actually should be saving and this would be a great incentive.

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