Help to Save scheme

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This topic contains 4 replies, has 4 voices, and was last updated by  LS31317 5 days, 4 hours ago.

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  • #27257 Report

    LS31317
    Participant

    Hi everyone,

    Is anyone using the Help to Save scheme from the government? https://www.gov.uk/get-help-savings-low-income

    It sounds too good to be true, there isn’t any hidden catches is there?

    Thanks.

    #27292 Report

    Kathymumofone
    Participant

    I don’t qualify but I’ve just had a look and it seems pretty straightforward. No catches that I can see.

    I think the idea is they want you to build up a bit of an emergency fund so if you can save maybe £2 a week -which on UC is no mean feat – they will add an extra £1.

    If you have a few pounds spare, that’s a better regular return than anywhere else I know of. Good for school uniforms. Or the cooker breaking. 🙂

    #27682 Report

    emmas08
    Participant

    Hi.

    Ive signed up and paid in twice so far. I read it all several times and the only catch I could see was if you pay in then draw money out, you don’t get their contribution but you still have your money. I decided to do it as it at least means I have some savings in case I need buy hopefully it will be untouched until the government match it!

     

    #27685 Report

    Ginger1002
    Participant

    I have been saving into it for over a year now. I qualify for my first bonus in May 2020 and there are no catches. 50% bonus paid into your account after 2 years and then another 50% after 4 years.

    #27689 Report

    LS31317
    Participant

    Thanks!

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