To tell you about Help to Save scheme

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Sorry not really an AIBU but there is this new scheme to help low income savers and thought some of you might want to know about it.

www.moneyadviceservice.org.uk/en/articles/help-to-save-explained

Thanks for the info, I had no idea. Just opened one for ds's future high school trips, the bonuses will come in handy, not going to knock back money for nothing!

Good tip.

pinkgin no need for goadyness

@pinkgin this is for WORKING claimants.

You have to be working pinkgin

Yes I know that but still claiming benefits. I am not entitled to working tax credits but I would still certainly welcome the odd £250/£500 bonus!!

pinkgin24 working tax credit? hardly scrongers now!

Its probably designed that way to stop a load of people who dont need an extra £250.

Perhaps your right, saving doesnt need extra incentivisation when you can only afford small amounts and inflations strips the meagre intrest rates anyway - I mean if the washing machine goes bang they can go to brighthouse or those other great bastions of good deals.

I didn't say it was scroungers, I said it is only for those claiming benefits. As I say, I could equally do with an extra £250...

@PinkGin24 with that general sweeping statement of yours here's one for you.

If you don't qualify for any of these benefits you must not need them.

All the best

newnamewhosthis you make a valid point, but surely people who do need these benefits shouldn't then be able to save.

I don't have an issue with the fact some people rely on benefits but I agree with PinkGin24 that it stings a little. I don't receive any benefits but there's certainly no chance of putting anything close into savings at the end of the month that would benefit that same level of return.

@newnamewhosthis please quote this supposed 'sweeping statement'becayse I haven't made any... I said this is only for people who claim benefits - erm it is.

PinkGin if you don’t qualify for wtc then you earn a decent wage, so don’t need a savings bonus.

but surely people who do need these benefits shouldn't then be able to save.

Are you actually kidding? I'm a working professional, I happen to currently work p/t (after 25 years f/t) due to caring responsibilities and get a small amount of tax credits but according to you i shouldn't be able to save so my DC can go on school trips or have new shoes . I honestly can't imagine what it must be like to be the kind of person who grudges kids shoes that fit just because their dad left them, what a sad individual you must be.

It’s like being jealous of someone’s free bus pass as you drive past in your Land Rover.

I find this all really tricky - we both work, get no benefits, wtc or whatever and literally have no money to save, we are pretty frugal too. I think if you are receiving some money from the government in whatever form then that should be money that you need to live on not money you can afford to put away because you don’t need it. That’s when I get cross that taxes are effectively subsidising this.

It’s like being jealous of someone’s free bus pass as you drive past in your Land Rover 😂 Exactly

If you are in a couple, you can open one each. DH & I have one. We can afford to save because we prioritise savings. We don't drink, smoke, socialise, have package tv, shop for leisure or have pricey phone deals. We are saving to do much needed work to our house, and to have a buffer when the boiler or washing machine breaks. I don't understand when people don't save. Even if you put a tiny bit away it's a good habit to get into.

I think it is a great scheme. Thanks for posting - I didn't know about it.

For those who say people on benefits can't save - it is to a maximum of £50 a month, and can be taken out. Most people I know on benefits try to put aside what they can - even £10 a month because things break and need repairs, bills, car costs etc.

I think it would be good if those on a low income who didn't get benefits could also join the scheme.

but surely people who do need these benefits shouldn't then be able to save

It's aiming to help people budget for the medium term and not spend every penny they have every week/month. If people on a low income start to save for Christmas 2019 now, they will have some money saved up, and won't need to borrow. Same for days out in the summer holidays or if the washing machine breaks.

I think it's a really good scheme because you're not committed to saving every month and the bonus is based on your highest balance, so there's no detriment to taking money out if you need to. MIght be hard to get going and get into the mentality, but will make a big difference to those who do manage to put a bit by and get a bonus.

@KanielOutis we don't drink, smoke, socialise, have any TV/streaming package (other than TV license) either. And we can barely afford to save, and there are certainly no savings accs that would give us the level of interest as in this scheme!

Why should people get free SAVINGS handouta from the government just because they are entitled to benefits!? So they get a top up on their salary AND their savings. And I get neither...

I signed up to this last year. I save a whole £5 a week (gets taken out by standing order the day my tax credits are paid) so I don't miss it and imagine that by the time the 4 years is up, my washing machine will probably need replacing so that's what it will be for.

PinkGin if you are earning too much to qualify for wtc and can’t afford to save, you are choosing to spend your some of your income somehow on non essentials that people on wtc can’t afford.

Phaha don't give me that... because people in reciept of benefits of course only buy lifes essentials....

That’s not what I said PinkGin, I said you don’t only buy life’s essentials.

Yes, and my point is people in reciept of government handouts equally use some of it to buy non-essentials. So how come they are the only ones getting salary top up AND savings top up...