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

For those complaining that there's no "free money" for people who don't receive benefits, you can get up to £1000 per year bonus with a LISA. You have to use it for a home purchase or your pension

I think it is variable. They say up to 50% back. I doubt many people will actually get that 50%. More likely to be the lower end of the percentage.

Also, I think this is a trick by the government to get more people off UC sadly. See it happening now, when you move to UC, they stop payments if you've been over paid in the past (as in combined benefits and salary overpaid). I imagine they will count this as being overpaid. They are being crafty about this stuff, that's why UC screws people over. Before they couldn't tell from other benefits if you had been over paid in one of them. Now they can. And they penalise you for past over payments.

Be careful with this. You could be screwed over in the long run for £10 extra.

But if they don't count WTC in the sum then its unfair on those whose income is the same as those who are topped up iyswim.

It's not really unfair on anyone, no one should expect free money from the government. Just because this scheme exists for some people who are deemed to have a low enough income that they need help doesn't really affect anyone else's lives. It doesn't give you less money in the bank because someone is getting £200 more every couple of years. Can't we just be happy for the people who can get this help instead of complaining about it?

Glad to hear it might help some people. I thought it might be good for those on UC who might need a bit of extra help. If they could afford the bit to put away though. Unfortunately many might not be able to. Also it didn't seem to be publicised very much.

Be careful when setting it up to put the reference number in. Mine came back saying had been returned to start with as the standing order wasn't set up with the reference. Hopefully sorted out now.

Can you set one up for your DH and manage it also? I'm not sure how to do that. Thanks

Workfear it doesn't affect UC payments. See www.gov.uk/get-help-savings-low-income/how-it-will-affect-your-benefits

Unless it means you go over the savings threshold

Just another couple of things about this scheme. It says

If you stop claiming benefits
You can keep using your Help to Save account.

which might be useful, as I wondered this myself.

Also, if you set up a standing order online, be careful to use the long reference number in the 'name' section too, (mine bounced back due to this.)

it says for couples they need to set theirs up separately (which is annoying as I'd like to do this for my DH who probably won't get round to it)

If you have your dh permission just do it for him it’s online .

So normally I earn slightly under the amount needed. This month I done a bit of overtime. He wording says “during your last assessment period” so do you think it best to wait until out of this current assessment period (ends on 6th feb) and into the next one. Or to do it now because this is the period where I earned enough to qualify?

I’m finding the wording on the site vague. We get child tax credits but not working tax credits. Would we be eligible for this?

Thank you so much for this OP. I didn't know about it and I'm grateful. Like others have said, I'm on UC so whilst I'm unlikely to be able to save the maximum amount, being able to save anything and get a bonus is fantastic for sudden expenses and saves me facing a "heat or eat" dilemma down the line.

And for those jealous of the meagre benefits I'll get, Swap lives. Honestly. DH walked out and left me with 3 kids under 5. I pay over £1000pcm in childcare, and £1250pcm to rent a cold 2 bed house. That's before ctax, electric, gas, school uniform, petrol etc. I need to clear 3K a month in income just for essentials, which is pretty much impossible for any single person, so my benefits help close the gap so I can keep a roof over my kids heads and keep my job.

Wow Brillo that’s massive outgoings, guessing you are in the south too. Rents are crazy expensive! I’m glad schemes like this exist to help people like you. I grew up in a single parent household before stuff like this existed and the stress my mum must have been under must have been awful.

The people on here moaning it’s not fair should seriously give their heads a wobble. The maximum bonus possible is about £300 a year and most aren’t going to manage to save enough for this. That’s just £25 a month extra and will help people avoid expensive loans when essentials like washing machines die

I guess what you could do if you only qualify for UC some times / months is just set it up that month, it says can keep it if you go off benefits anyway...it was quite easy to set up and the phone line helpful too.

I qualify for uc every month, but less than the £540 needed to qualify for this scheme.
During this assessment period (which ends 6th) I did get over £540 pay. So I’m wondering do I apply before 6th, or after, as the working days you have to of earned over that amount during your last assessment period?

You need to log into the government gateway account and it will tell you straight away if you eligible or not when you click on apply for the Help to Save account.

Great thread OP!!