Help to Save Account - Gov.uk -  pay in up to £50 per month - up to 50% bonus on the money you've paid in
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Help to Save Account - Gov.uk - pay in up to £50 per month - up to 50% bonus on the money you've paid in

271
Found 12th Apr
You can only open an account if you're receiving Working Tax Credit or Child Tax Credit.

Pay in up to £50 per month.

If you pay in £1,200 over 2 years and don't make any withdrawals, you will earn the bonus of £600. All bonus money is tax-free.

If you pay in £2,400 over 4 years and don't make any withdrawals, you will earn the highest possible bonus of £1,200. All bonus money is tax-free.

Great Account if anyone is looking for a saving account.
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Thread tidied - please keep comments on topic and relating to the actual savings account eg eligibility, application process, comparison with other similar accounts etc. We do not permit political type debates on the forum (see guidelines and links below) or argumentative type post. Those members who have quoted / referenced comments that have breached Forum guidelines will also have had their comment removed unfortunately.

hotukdeals.com/fee…142

Over the past ~13 years we've allowed members to openly discuss their position and feelings on a huge range of subjects. While we encourage all users to be respectful toward one another at all times, we're sure you can appreciate that the aforementioned topics tend to create huge discord among our community and account for a disproportionately high amount of complaints and reports.

Therefore, we've taken the decision as of March 1st to no longer allow debate on these topics. As many of you have mentioned in the past, these threads typically tend to head one way and the users within them can often be accused of flame baiting.

We hope you can understand why we've taken this decision and appreciate your support
Edited by: "sigma" 12th Apr
It’s a trap!
Jees. Had no idea about this. Thanks for the post.

One for me and one for her. Tenner a week. Tasty little bonus.

Thanks Nermand.
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271 Comments
I think it’s only for working tax credit
khan19817 m ago

I think it’s only for working tax credit


My colleagues only have Child Tax Credit and they opened it without any problems.
Jees. Had no idea about this. Thanks for the post.

One for me and one for her. Tenner a week. Tasty little bonus.

Thanks Nermand.
bookmark
Yeah i cannot help but agree with you.
Only people receiving Working Tax Credit are eligible.
It sounded too good to be true guys !
So after reading all your comments I’m non the wiser.....is this a good idea or not?!?
nighatshan15 m ago

So after reading all your comments I’m non the wiser.....is this a good i …So after reading all your comments I’m non the wiser.....is this a good idea or not?!?


Looks like it to me? I'll visit the page....
ezzer722 m ago

Full time work on minimum wage is over £17,000 nowadays. There are plenty …Full time work on minimum wage is over £17,000 nowadays. There are plenty of people who can manage on that, especially if they don’t have a house full of kids.


no its not full time as in 38 hours a week is not £17000 its closer to £16000 on minimum wage and that's before tax
It’s a trap!
this was posted last week but got removed for some reason
discozohan1 m ago

this was posted last week but got removed for some reason


not a surprise with all the hateful messages it will be removed again no doubt
no people can get both these benifits if they work 38 hours just on a low income for example (minium wage)
Edited by moderator: "removed quote" 12th Apr
I looking into this last night when checking my hmrc account through mobile app.

While it looks and sounds great i opted againsed it. Theres definatly some sort of catch.

Oh, and the account is only open for a maximum of 4 years before its closed.
nighatshan43 m ago

So after reading all your comments I’m non the wiser.....is this a good i …So after reading all your comments I’m non the wiser.....is this a good idea or not?!?


Yes, getting back to the post, and ignoring all the rights and wrongs above, this does appear to be a good deal. If you can save £50 a month, which is £1200 over 2 years, then in 2 years time you will receive £600 tax free, which is equivilent to 50% interest over 2 years, or 25% per year. If you keep it for 4 years, you will receive a total of £1,200. If you are serious about proceeding, I suggest you take the time to read all the info on the site in detail.
Heat to the OP for the post.
Edited by: "Bestbitter" 12th Apr
the OP advert is clear, this is for: You can only open an account if you're receiving Working Tax Credit or Child Tax Credit
Edited by moderator: "removed deleted quote" 12th Apr
Thread tidied - please keep comments on topic and relating to the actual savings account eg eligibility, application process, comparison with other similar accounts etc. We do not permit political type debates on the forum (see guidelines and links below) or argumentative type post. Those members who have quoted / referenced comments that have breached Forum guidelines will also have had their comment removed unfortunately.

hotukdeals.com/fee…142

Over the past ~13 years we've allowed members to openly discuss their position and feelings on a huge range of subjects. While we encourage all users to be respectful toward one another at all times, we're sure you can appreciate that the aforementioned topics tend to create huge discord among our community and account for a disproportionately high amount of complaints and reports.

Therefore, we've taken the decision as of March 1st to no longer allow debate on these topics. As many of you have mentioned in the past, these threads typically tend to head one way and the users within them can often be accused of flame baiting.

We hope you can understand why we've taken this decision and appreciate your support
Edited by: "sigma" 12th Apr
Apologies Mods!

I'll rephrase. This is a great deal for those who are eligible. A great incentive to save.
If you only get Child Tax Credits you're still eligible.

Just opened an account myself.
I can't find anything about Child Tax Credit?
360finder2 h, 25 m ago

Jees. Had no idea about this. Thanks for the post.One for me and one for …Jees. Had no idea about this. Thanks for the post.One for me and one for her. Tenner a week. Tasty little bonus.Thanks Nermand.



Have you managed to set up two accounts - one for each of a couple on the same Tax Credits claim?
33623427-t6jir.jpg
Bestbitter57 m ago

Yes, getting back to the post, and ignoring all the rights and wrongs …Yes, getting back to the post, and ignoring all the rights and wrongs above, this does appear to be a good deal. If you can save £50 a month, which is £1200 over 2 years, then in 2 years time you will receive £600 tax free, which is equivilent to 50% interest over 2 years, or 25% per year. If you keep it for 4 years, you will receive a total of £1,200. If you are serious about proceeding, I suggest you take the time to read all the info on the site in detail.Heat to the OP for the post.


The APR (or what banks typically advertise as their interest rate on bank accounts) would actually be much higher than 25% p.a. with this scheme.

Without going into the details, I believe the APR is about 37% for years 1 to 2, based on £50 in each month and no withdrawals.

The APR would actually be 25% if you deposited the £1,200 on day 1, but as you're only depositing £50 per month, the interest rate must is much higher.
I only receive Child Tax credits and when I applied last week it said I was eligible, so I opened an account without any problems.
fivegoldstars9 m ago

Have you managed to set up two accounts - one for each of a couple on the …Have you managed to set up two accounts - one for each of a couple on the same Tax Credits claim?


Yes. Good deal.

Woke up, opened one for me and one for her, an easy 2400 in 4 years time. Saving is a good habit to get into, this account helps to underline this: a bit of short term pain for long term gain.
Caroline_19931 h, 4 m ago

I looking into this last night when checking my hmrc account through …I looking into this last night when checking my hmrc account through mobile app. While it looks and sounds great i opted againsed it. Theres definatly some sort of catch. Oh, and the account is only open for a maximum of 4 years before its closed.


What do you think the catch may be??
Do you have to be on universal credit as well as been on child tax credits? Can anyone clarify
Youngsyr19 m ago

The APR (or what banks typically advertise as their interest rate on bank …The APR (or what banks typically advertise as their interest rate on bank accounts) would actually be much higher than 25% p.a. with this scheme. Without going into the details, I believe the APR is about 37% for years 1 to 2, based on £50 in each month and no withdrawals. The APR would actually be 25% if you deposited the £1,200 on day 1, but as you're only depositing £50 per month, the interest rate must is much higher.


I was trying to keep it simple for the person asking if it was a good deal, as they were presumably unable to look it up themselves. As I stated, you will get £600 after 2 years,which in plain English is 50% back on £1,200 over 2 years, or 25% per year. I made no comparison to bank rates, or any reference to the the APR they advise.
I presume your figures are also correect, but not relavent to my post.
A slightly odd eligibility standard - to the uninitiated (me!) it seems simpler to just base eligibility on Working Tax Credit being received rather than complicate things with "..entitled to receive.." (which is after all what the Universal Credit route to Help to Save eligibility is based on).
Edited by: "premierfella" 12th Apr
Mummapie10 m ago

I mean how many of you actually declare savings when asked to? I …I mean how many of you actually declare savings when asked to? I definitely dont


That could come back and bite you on the backside.

Hmrc can access any of your bank accounts at any time without your permission.
premierfella2 m ago

An slightly odd eligibility standard - to the uninitiated (me!) it seems …An slightly odd eligibility standard - to the uninitiated (me!) it seems simpler to just base eligibility on Working Tax Credit being received rather than complicate things with "..entitled to receive.." (which is after all what the Universal Credit route to Help to Save eligibility is based on).


You don't have to actually receive working tax credit, you just have to be entitled to receive and still claim child tax credit - so if your WTC tapers to zero, you're still entitled as long as you get child tax credit still.
Iron_Man18 m ago

What do you think the catch may be??

The think the catch maybe that whenever we are overpaid tax credits etc They will then take the money from our this account!
Iron_Man20 m ago

Please share why is it a trap?


By their own admission, the op doesn't seem to declare their savings when applying for benefits and suchlike. The 'trap' they spoke of is likely their worry that by opening this account it basically declares to said authorities that they have extra money or savings and they fear that all the undeclared savings will be discovered.

There is no trap.

Bluecat7864 m ago

Anyway how do we sit up direct debits as their was no option on this …Anyway how do we sit up direct debits as their was no option on this account to set it up.I am assuming we set it up from our oringinal bank accounct?Also is there a sort code? As i only got an account number


You have to set up a standing order.
andrewmp26 m ago

You don't have to actually receive working tax credit, you just have to be …You don't have to actually receive working tax credit, you just have to be entitled to receive and still claim child tax credit - so if your WTC tapers to zero, you're still entitled as long as you get child tax credit still.


Thanks for explaining - the eligibility criteria (understandable given what you say) does open the door to confusion though (evidenced in the comments above!) and probably results in a lot of accounts being closed after application (if HMRC are doing any checks!!).

Edit - apologies. Reading further I think the check on eligibility is properly done on application based on HMRC data (so anyone not getting WTC but receiving CTC and confirmed as eligible for Help to Save MUST either be in the situation you described (or for some other reason must be entitled to WTC, but receiving only CTC and not WTC).

Certainly sounds like a generous scheme for those eligible - I'll certainly pass it on to family members on WTC (better than a 5% Regular Saver at a bank, not just because of the bonus payments but also ability to access in an emergency, albeit at the "cost" of lower bonus payments!).

Edited by: "premierfella" 12th Apr
Caroline_199316 m ago

That could come back and bite you on the backside. Hmrc can access any of …That could come back and bite you on the backside. Hmrc can access any of your bank accounts at any time without your permission.


Actually they need a court order to do so. Which is normally only granted if the have grounds for investigation of suspectes fruad.
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