Help To Save Account to Earn 50% Tax Free Bonus for People on Working Tax Credits Or Universal Credit
392°

Help To Save Account to Earn 50% Tax Free Bonus for People on Working Tax Credits Or Universal Credit

84
Found 23rd Feb
LIMITED NUMBER OF ACCOUNTS ONLY

Help to Save is a savings scheme backed by HM Treasury, so your savings are 100% secure.

Once confirmed as eligible, customers can start saving straight away. All transactions, including checking the balance and paying in savings, can be managed in an online account available through GOV.UK.

Customers can save up to £50 each month.

At the end of 2 years, savers will get a 50% bonus based on the highest balance achieved.

Customers can carry on saving for another 2 years and get another 50% bonus on their additional savings.

Over 4 years, those saving the maximum of £2,400 will receive bonuses of £1,200.

Money paid into the account can be withdrawn at any time, but this could affect the size of the bonus payment.

You can only open an account if you're receiving Working Tax Credit and meet all the eligibility criteria.

If you're eligible for an account, you could earn a 50% bonus on the money you've paid in.

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.

What you need to know
You can:

earn bonuses rather than interest, so it's not like a typical bank account
maximise your bonus if you pay in money regularly and don't withdraw it
pay in up to £50 per month or miss months if you need to.
Community Updates
GOV.UK Deals

Groups

Top comments
So if I read this right....

People who are in a situation that they 'need benefits' actually have spare income they can save.

Hmmmmmm.
amzzzzyyyy4 m ago

must be a catch


Yes. To catch those liars on benefits
Edited by: "HotUKDealSeeker" 23rd Feb
amzzzzyyyy4 m ago

must be a catch



Probably see who applies then cut their WTC's as not needed
Shengis18 m ago

So if I read this right....People who are in a situation that they 'need …So if I read this right....People who are in a situation that they 'need benefits' actually have spare income they can save.Hmmmmmm.


"You can only open an account if you're receiving Working Tax Credit and meet all the eligibility criteria."

Working tax credit isn't the same as unemployment benefit though. So this is encouraging low earners to put some money aside for their future, or maybe to replace their cooker if it breaks so they don't need to borrow the money. its encouraging people to do the right thing, so what is wrong with that?

Also, just because someone happens to be on a low wage, it doesn't mean they weren't previously earning more money, or wont in the future. So there is no reason to automatically assume that they arent honest and hardworking tax payers who are entitled to a little bit of help, is there?
84 Comments
So if I read this right....

People who are in a situation that they 'need benefits' actually have spare income they can save.

Hmmmmmm.
must be a catch
amzzzzyyyy4 m ago

must be a catch


Yes. To catch those liars on benefits
Edited by: "HotUKDealSeeker" 23rd Feb
amzzzzyyyy4 m ago

must be a catch



Probably see who applies then cut their WTC's as not needed
Says must be on Working Tax credit. Cos I'm a scroat, I'm just on Child Tax credit as don't work enough hours. I have a Govt Gateway acc already & it stated "log into your gateway to check your eligibility"..... So I did, and it opened an acc for me. Happy Days!
This is an amazing deal dor those who are eligible
Shengis18 m ago

So if I read this right....People who are in a situation that they 'need …So if I read this right....People who are in a situation that they 'need benefits' actually have spare income they can save.Hmmmmmm.


"You can only open an account if you're receiving Working Tax Credit and meet all the eligibility criteria."

Working tax credit isn't the same as unemployment benefit though. So this is encouraging low earners to put some money aside for their future, or maybe to replace their cooker if it breaks so they don't need to borrow the money. its encouraging people to do the right thing, so what is wrong with that?

Also, just because someone happens to be on a low wage, it doesn't mean they weren't previously earning more money, or wont in the future. So there is no reason to automatically assume that they arent honest and hardworking tax payers who are entitled to a little bit of help, is there?
Shengis19 m ago

So if I read this right....People who are in a situation that they 'need …So if I read this right....People who are in a situation that they 'need benefits' actually have spare income they can save.Hmmmmmm.


Yep. It’s actually to encourage people on benefits to save so that the government can say that they are coping just fine and even saving money with the current benefits they are given and eventually reduce those benefits. It’s a cost cutting scheme in disguise.Simples
So this is where my tax money goes
Original Poster
M_z10 m ago

"You can only open an account if you're receiving Working Tax Credit and …"You can only open an account if you're receiving Working Tax Credit and meet all the eligibility criteria."Working tax credit isn't the same as unemployment benefit though. So this is encouraging low earners to put some money aside for their future, or maybe to replace their cooker if it breaks so they don't need to borrow the money. its encouraging people to do the right thing, so what is wrong with that?Also, just because someone happens to be on a low wage, it doesn't mean they weren't previously earning more money, or wont in the future. So there is no reason to automatically assume that they arent honest and hardworking tax payers who are entitled to a little bit of help, is there?


Agreed
Shengis32 m ago

So if I read this right....People who are in a situation that they 'need …So if I read this right....People who are in a situation that they 'need benefits' actually have spare income they can save.Hmmmmmm.


Hahaha ridiculous ain’t it!!! Freeloaders.
M_z18 m ago

"You can only open an account if you're receiving Working Tax Credit and …"You can only open an account if you're receiving Working Tax Credit and meet all the eligibility criteria."Working tax credit isn't the same as unemployment benefit though. So this is encouraging low earners to put some money aside for their future, or maybe to replace their cooker if it breaks so they don't need to borrow the money. its encouraging people to do the right thing, so what is wrong with that?Also, just because someone happens to be on a low wage, it doesn't mean they weren't previously earning more money, or wont in the future. So there is no reason to automatically assume that they arent honest and hardworking tax payers who are entitled to a little bit of help, is there?



I thought WTC's were meant as that 'little bit of help'? This is double XP time
Dont they ask you how much savings you have when on benefits? So in the full term when this is complete you might not be eligible for benefits! Lol
You might want to add into the title that is only for people on tax credits!

Saves people like me wasting time reading the post!
Like the wifey in the news yesterday claiming benefits for her poor family and had £40k stashed away in 10 separate bank accounts !! She'll probably be all over this !
2. Who Help to Save is for
The scheme, administered by HM Revenue and Customs, will be open to UK residents who are:

entitled to Working Tax Credit and receiving Working Tax Credit or Child Tax Credit payments

gov.uk/gov…eme
I think you can have a few £k in the bank and still get benefits. Up to £6k and benefits are not affected, between £6k and £16k it starts reducing and over £16k you will not be eligible.
If you're already getting free money from the state you can get a bit more. Woo!
33317546-WYiKw.jpg
ame260726 m ago

Dont they ask you how much savings you have when on benefits? So in the …Dont they ask you how much savings you have when on benefits? So in the full term when this is complete you might not be eligible for benefits! Lol


"Over 4 years, those saving the maximum of £2,400 will receive bonuses of £1,200."

Well, the maximum savings for WTC is £16000 I think. So I guess if someone has savings of just under that, then this scheme might not be for them. But that's not going to be many people is it?
coldo7 m ago

Like the wifey in the news yesterday claiming benefits for her poor family …Like the wifey in the news yesterday claiming benefits for her poor family and had £40k stashed away in 10 separate bank accounts !! She'll probably be all over this !


Was she in the news as she was getting convicted for fraud? Good, that proves the system can catch the cheats.
avoint46 m ago

So this is where my tax money goes


No its not! Your tax goes to bailing out Banks and PFIs! This is paid for by the Government borrowing money
Always winners and losers. Tax credits given to top up your salary, whereas those who earn just above the threshold, and so have similar take homes to those eligible, get nowt! Who says working doesn't pay?
avoint55 m ago

So this is where my tax money goes


Nope, that goes into an overseas high intest savings account which deals with maximises profits by investing in weapons, giving a good return so that we can be sure our elected MPs continue to enjoy a good standard of living
thanks
So annoying yet again we can't have because we both work
HotUKDealSeeker3 h, 5 m ago

Yes. To catch those liars on benefits


And prob penalise those that live well within their means on thier benefits unlike most of society! I’m sure the underfunded police will love all the fake leads from DWP/HMRC to investigate.

As does this penalise on - DWP claimants. Pass Social Care Fund to Council’s and not allow DWP claimants to participate but allow those households with Tax Crefits access, but not the disabled.

A great idea in practice but it doesn’t help the most financial vulnerable in society. DWP claimants & also due to the introduction problems the majority of them ain’t on Universal Credit.

Its teaching those DWP claimants most financially strapped nothing about the ethics of saving, but further state dependency, whilst WTC workers are rewarded over the disabled/carers/unemployed not on UC.

More like a sorry to those who have suffered under UC introduction.

Another fine Tory mess this is ontop.
And we paying a fortune in income tax get nothing, slap on my face.
Brilliant thanks for the heads up, to all the judgemental people I've worked and paid 38 full years of itax contribution. I work full time and have a tiny working tax credit award to top up my wage. This will allow me to save a little
Working tax credits are actually used to make up the wages of the low paid so they actually help businesses pay low wages out of our taxes.

So we're subsidising businesses to pay low wages, they should be scrapped.
wobbles24 m ago

Brilliant thanks for the heads up, to all the judgemental people I've …Brilliant thanks for the heads up, to all the judgemental people I've worked and paid 38 full years of itax contribution. I work full time and have a tiny working tax credit award to top up my wage. This will allow me to save a little


It's sad that these people do not mind paying for the Royal family, their weddings and security,one of the richest families on the planet.The freeloaders in the house of lords and subsidizing transgender education in our primary schools.

Yet object to people on a low wage getting a little extra.


The DAILY MAIL is doing a fine job.

33318720-zYiiT.jpg
Oh also to add Free School Meal eligibility is changing.

Still I didn’t think that many people would be moved onto universal credit. Thought the rollout was limited. Still I guess lowering the household earnings brings in those for example single mums working 16hrs claiming tax credits. Fair enough


  • Introducing a net earnings threshold of £7,400 per annum for free school meals eligibility under Universal Credit, to take effect from 1 April 2018. A typical family earning around £7,400 per annum would, depending on their exact circumstances, have a total household income of between £18,000 and £24,000 once benefits are taken into account
tes.com/new…als
It's a no brainer, Even Dianne Abbott could do the maths., Now where can I find a spare £50 a month? Damn you HUKDs :(. Spent my last 50p on a sky hook from China and it still hasn't arrived :(.
holeymoley183 h, 41 m ago

Always winners and losers. Tax credits given to top up your salary, …Always winners and losers. Tax credits given to top up your salary, whereas those who earn just above the threshold, and so have similar take homes to those eligible, get nowt! Who says working doesn't pay?


Doesn't for me and the wife who both work full time with a child.... Not to mention the nursery bill we receive each month.

If you can't afford them you shouldn't have them on my opinion. If I wasn't supplementing others incomes through my taxes and NIs I'd probably be able to afford more... Which is the fustrating bit about it all...
M_z4 h, 6 m ago

"Over 4 years, those saving the maximum of £2,400 will receive bonuses of …"Over 4 years, those saving the maximum of £2,400 will receive bonuses of £1,200."Well, the maximum savings for WTC is £16000 I think. So I guess if someone has savings of just under that, then this scheme might not be for them. But that's not going to be many people is it?


You can have any amount of savings and get tax credits, only income generated from savings is taken in to account
It’s the out of work/low income benefits like JSA, ESA etc that that the 0-6k, 6k-16k, 16k+ saving rules apply to.
Edited by: "Money_Saving_Mum" 23rd Feb
Thanks OP. I've been waiting for this to start since it was announced years ago. I've now opened my account and made my first payment. The only thing not clear in the info on the site is that payments have to be made on a calendar monthly basis, so if you open an account today you have to make your first payment of up to £50 by the end of Feb.
Always the same. The less you put into the system, the more you get out.
Opened one and so did my wife - thanks voted hot
Whoever has made payment, does it show the amount in the account straight away?
immy_ashraf5 m ago

Whoever has made payment, does it show the amount in the account straight …Whoever has made payment, does it show the amount in the account straight away?


I made a payment by card and it showed straight away - I’ve set other payments by standing order
Post a comment
Avatar
@
    Text