Help to Save Scheme - Fantastic Savings for people on tax credits


#1

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

You can save up to £50 a month, and after 2 years receive a bonus of 50% of the highest balance (so potentially a bonus of £600 for saving £1200). You can repeat this for another 2 years, for a total bonus of £1200 on saving £2400 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’s per individual, and not household, as well. So if you and your partner are eligible for child tax credits, you can both open a Help to Save account and double the rewards.


#2

It’s a nice scheme, shame they didn’t offer it through high street banks as I don’t think its going to atract as many people the way its currently being administered. Most people bin letters from HMRC unless they are important, and a letter saying save £50 a month isn’t going to be something most on a low income will notice.

However I like the idea, and hope it catches on.