As seen in a reddit thread, this is the first I’ve heard (good or bad) about the Help to Save scheme.
Someone linked the government site quoting:
About Help to Save
Help to Save is a savings scheme backed by HM Treasury, so your savings are 100% secure.
You can only open an account if you’re receiving Working Tax Credit and meet all the eligibility criteria.
If you’re eligible for an account, you could earn a 50% bonus on the money you’ve paid in.
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.reddit.com/r/UKPersonalFinance/comments/8cmwwu/help_to_save_scheme_1200_pound_free_from_gov/
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Wow. Never heard of this and it sounds great.
It’s also available on universal credit as working tax credit is being withdrawn.
Think this is newer info https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme
Irony is if you have £5000 in savings your universal credit is reduced
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