How much do childcare vouchers actually save you?

[honeyharris]

Finding it hard to understand how much money we are actually saving a month by using childcare vouchers. Both my DH and I take the full entitlement of £243 per month and are basic rate taxpayers. I thought that we would save 20% (i.e. the basic rate of tax) so would be getting £486 of childcare for £388, thus saving £98 a month, but on the Computershare voucher page it says we would be saving £77.76 each a month, totalling £155 savings. I know it's not a huge difference, but not sure which is correct and why it would be more than a 20% saving? Does anyone know how it works?

National insurance contributions too.

When i used to receive the childcare vouchers it was a saving of 70 something pound (cant remember exactly) and that was a couple of years ago.

Thanks, the good news is that childcare isn't costing us as much as I thought, the bad news is we've clearly no excuse to be as skint as we are!

For us it's £77 each too.