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Original poster

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

40 replies

Twillow · 03/09/2022 13:38

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?

OP posts:

Wafflefudge · 07/09/2022 22:55

@IloveStrawberrylaces it's still going.

IloveStrawberrylaces · 08/09/2022 10:19

Wafflefudge · 07/09/2022 22:55

@IloveStrawberrylaces it's still going.

I meant can you open a new one when it reaches maturity. However I have looked and it isn't possible

Wafflefudge · 08/09/2022 13:27

Misunderstood you sorry. Just a one off use. But if you are couple both can set one up which is good.

Blondeshavemorefun · 08/09/2022 17:48

Twillow · 07/09/2022 22:35

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.

Show quote history

So double your money ?

sounds good investment

Chasingsquirrels · 08/09/2022 18:05

Blondeshavemorefun · 08/09/2022 17:48

So double your money ?

sounds good investment

Show quote history

No, 50%. But still a very good deal over 4 years.

Original poster

Twillow · 10/09/2022 15:10

Good news - correct bonus came through and paid out.
Didn't need to contact them.
Very annoying and worrying though that the statements on line were so confusing.

OP posts:

bbear690 · 02/11/2022 19:41

Having trouble with mine. Saving for 4 years (never missed a payment) to the max amount of £2400 only to read (on the bonus page), I won't get the final bonus as I haven't saved 'more' than £2400. Little worried now.

Received the first bonus ok. Have never withdrawn any from the main savings pot though.

If you don't mind me asking, how long did it take before you received your bonus Twillow?

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

Keekabooyou · 07/11/2022 13:32

Hi just wondering if you have your bonus yet? Mine closed on the 31st and still nothing.

bbear690 · 08/11/2022 01:44

Mine arrived this morning. Bonus was paid in full swell as savings. Said It would be paid on the 1st (on the savings website) arrived on the 8th.

Romeiswheretheheartis · 02/03/2023 22:06

@bbear690 so glad I've seen this thread, as mine is showing exactly as yours was and I've been panicking all evening that my bonus has disappeared! They really need to sort out the wording on the site, to properly explain what happens at the end of the 4 years.

GeneralMusings · 06/06/2024 08:58

So I know this is a year on but they've still not sorted this glitch!!

I'm so glad for this thread as I checked my account to find it said no bonus and obviously with 2 of us too we'd budgeted for it. Complete panic!

Why on earth haven't they changed their system???

Wordsofthewise · 02/09/2024 08:39

Hello @GeneralMusings I can see you posted fairly recently (compared to the other posts) and it appears the same glitch is still ongoing. I’ve got myself into a frenzy as my bonus has come to £0 and when I attempt to withdraw the money I’ve put it - it says system error. I just wondered whether it sorted itself out for you? Did you have to give them a call in the end? 💕

GeneralMusings · 02/09/2024 08:42

Yes from memory it was only a few days later - I didn't need to contact anyone. But it's a frightening glitch!

SimBa123UK · 06/01/2025 16:45

To all reading this DO NOT FRET. Its a standard message which pops up when they are working on processing your account. It happens to accounts which are generally ending and this message comes up as standard practice as it keep the account open while the money is going through.

By all means call HMRC and they will says the same thing. Money will come through in approx 2 weeks depending on when you accessed the account and once the money is transferred the account automatically closes.

Whitelampshade · 01/02/2025 15:31

Having the same problem but after reading this thread, feel a little reassured that it's just a standard message

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