Help to Save scheme.

Legwax
Legwax Online Community Member Posts: 126 Contributor
edited April 14 in Universal Credit (UC)

Dear all, I hope you are as well as can be today.

I have just set up an account with Help to Save, the government scheme. I had not heard of it before and can't remember how I just came across it - oh yes, I was logged into my HMRC account. It didn't flag up, it was amongst some news bulletins or something.

It seemed to good to be true and I went through realms of gentle paranoia as it is gov.uk however have set myself up.

Anybody else know of it? Why didn't my job coach tell me about it? I could have been saving for some time.

It is a 4 year offer of savings which does not affect your UC income. Gov.uk pay you 50% bonus of what you have saved. At 4 years, they close the account. I am still suspicious of it but as I have no pension or savings, I'm taking it.

Comments

  • Holly_Scope
    Holly_Scope Posts: 2,455 Scope Online Community Coordinator

    Hi @Legwax It's definitely a genuine Government scheme and sounds like it could be quite beneficial, especially with the bonus percentage! Do you just set up a standing order and let it build in the background?

    Thanks for sharing this. Sure others will find it useful too ☺️

    Best wishes,

  • Enduring_Rogue
    Enduring_Rogue Online Community Member Posts: 70 Contributor
    https://forum.scope.org.uk/discussion/132976/help-to-save-scheme

    I used the help to save scheme. It is genuine. I managed to save some money each month, the interest then helped with things like uniform and school trips for my son. It's ok if you can manage to put money in. The interest is paid after 2 years then at the end of 4 years. You can't use the scheme again afterwards.

  • Legwax
    Legwax Online Community Member Posts: 126 Contributor

    @Holly_Scope and @Enduring_Rogue Thank you both for replying.

    Interesting that you completed it Enduring_Rogue, it looks like a really good idea. I hear you about being able to put money in in the first place…that has been my issue full stop! Glad it worked for you and your son, nice.

    Haha, yes, I realise it is legit but I cannot help but be sceptical. However, can't argue with money saved and the bonus offered so here is the link to the page:

    https://www.gov.uk/get-help-savings-low-income

    Don't be put off by the "certain people". They really are dimwits who need an editor with a brain and a heart. If you receive UC, you can apply and it is straightforward. You will need bank details and if you don't have a HMRC account already then some ID. Have a look. Hope you find it of use if you didn't know of it.

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