Anyone else having issues with Help to Save Account final bonus?

[Twillow]

My four years saving period has now come to an end. I logged in to see what my final bonus was and it is telling me I do not get one as my final balance was £1650. What the heck? Nowhere can I find anything saying there is a minimum balance required to get the bonus! This can't be right, can it?

Have you added to the account in the 2nd two year period since the 1st bonus?

Although at £1,650 I guess you must have added since the 2 year point as the balance could have only been £1,200 then.

Mine is showing the correct bonus (on the HMRC app).

Are you sure the final bonus hasn't already been paid into your bank account.

The final bonus is 50% of the difference between the highest balance in the first 2 years and the last 2 years.

I just had a Standing order for £50pm for 4 years and didn't touch it and was paid the year 2 and 4 bonus with no issues.

First payment Sep 21018. Highest balance reached in years 1 and 2 was £450. Years 3 and 4 had a standing order for £50 monthly.
Nothing in my bank.
Will try to get a screenshot of the message

Bonus for yrs 1 and 2 was £225.

Ah I see something...it's saying £1650 was my final balance in yrs 1 &2. That's not the case, it was £450 - and the bonus is correct for 1&2 at 50% of that.
What do I do now - phone on Monday I guess?

Yeah ring them, it would have been impossible for your balance in the first 2 years to be £1,650 as 24 x £50 is only £1,200. They'll presumably be able to correct it.

So if I've got this right,
final balance £1650 - yr 1&2 balance £450 =£1200
So my final balance should be 50% of £1200 = £600

Sorry that was meant to be final bonus should be £600

Thank goodness its not just me!

Ive paid the £50 every month bar one, and was also denied the bonus. Will look again and see if they have the right figures.

Keep us posted

Im totally confused, i have a balance of £2250 and this apparently means i dont earn final bonus, surely this is wrong?

@Playgrind looks like the same error - the time period is wrong i.e. 2018 to 2020 when it should be 2020 to 2022.

Given you both have the exact same dates it looks like there is a glitch in the system.

Mine shows as zero as it thinks it has turned over to a new year. If you click below that on 'Your first bonus' link it will show you the full bonus you earned. It is due to be paid in the next few days.

It also says
"If your ‘Bonus earned’ is showing as £0 you do not need to worry or contact us. You will still receive your payment as scheduled.

Your first bonus will be paid into your UK bank account within the first 6 to 10 days of the month, and until that payment is made your ‘Bonus earned’ may show as £0."

Have had the first bonus - the account is now at the final 4 year mark.
Too busy to call them today - @Playgrind did you have any luck yet?

Don't worry! Mine said the same thing for about a week, I was petrified as I was relying on the bonus. But it just showed until the bonus and balance was paid.
I wouldn't bother calling them it is a glitch

@Twillow Not yet, mad day getting kids ready for school tomorrow. I might leave until the end of the week and call if its not been paid in next few days.

So good news and not so good news. Today it's showing the correct bonus - £600 as I had calculated -although still says zero on the statement.
However, it's also saying it's sent the final balance and the bonus to my bank account but nothing received - how long does this bit take? This is so stressful!

How much is the most savings / bonus you can achieve then? I'd never heard of this.

Mine is also now showing the correct bonus amount, but says it was paid on 1st September.

It most definately was not.

Crap bags, i have bettet things to do than call the HMRC

Why does nothing work properly in this country any more?!

IF it works according to plan (and hoping it will eventually) it's really good.
I should say at the outset though that it is only available to people on universal credit or tax credits.
You save a maximum of £50 a month for 4 years. You get a bonus at the 2 year and final 4 year stage. The first bonus is 50% of the highest balance (so although you can withdraw money any time you like it makes no sense to do so from the bonus point of view). The second bonus is 50% of the difference between the highest balance in year 2 and the highest balance in year 4. The maximum you can save is, therefore, £1200 in the first two years (24 x £50) and £2400 by the end of year 4 (another 24 x £50). If you save the maximum amount, the bonus will be £600 in year 2 and another £600 in year 4, giving you a return of £1200 on £2400 over 4 years.

@Playgrind I am somewhat comforted by the fact this is not just happening to me!

Do you think they may offer a similar savings scheme again?